EBA Clearing is set to launch a pan-European Verification of Payee feature by the end of this year. This initiative will enable payment service providers (PSPs) to offer IBAN/name matching services for their SEPA transactions, supporting customers in verifying payee details.
As of October 2025, PSPs across the Single Euro Payments Area will be required to provide these services to payers, in accordance with the Instant Payments Regulation.
Erwin Kulk, head of service development and management at EBA Clearing, stated, “With Verification of Payee, we are adding another element to our SEPA services that will help our users prepare to meet the requirements of the Instant Payments Regulation. We will offer different options on the sending and receiving side to ensure robust access to Verification of Payee from day one while allowing users to work towards regulatory compliance at their own pace.”