EU Boosts Consumer Protection: Mandatory Real-Time Payments, Verification of Payee

Say goodbye to slow transfers and hello to instant, secure payments. The EU's new guidelines ensure your money reaches the right place, every time.

, and Administrator

2025 October 17 . 8:45 PM

1 min read

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More protection for bank customers with instant transfers - EU Boosts Consumer Protection: Mandatory Real-Time Payments, Verification of Payee

New EU guidelines, effective October 9th, aim to bolster consumer protection during money transfers. Key measures include mandatory real-time payments and the introduction of the 'Verification of Payee' service.

The Verification of Payee (VOP) is a crucial part of these new regulations. It requires banks to check if the name of the payment recipient and the entered IBAN match the data of the target account before approving a transfer within the Eurozone. This covers 36 countries, including all EU member states and several others.

Real-time payments, or Instant Payments, are also now mandatory. These transfers occur within ten seconds, around the clock. Customers will be informed of the check result within seconds and can decide whether to proceed with the transfer or not. The new service should not result in additional charges for customers.

In case of a transfer mistake, customers should immediately inform their bank to request a reverse transfer. The new EU guidelines, including the Verification of Payee and mandatory real-time payments, aim to reduce fraud and improve security for consumers across Europe.