EBA Clearing will roll out a pan-European Verification of Payee feature by the end of the year.
Ready by December, the feature will support payment service providers (PSPs) in offering IBAN/name matching services to their customers for their Sepa transactions.
PSPs across the Single Euro Payments Area will have to offer such services to payers from October 2025 on, as mandated by the Instant Payments Regulation.
Erwin Kulk, head, service development and management, EBA Clearing, says: "With Verification of Payee, we are adding another element to our SEPA services that will help our users get ready to meet the requirements of the Instant Payments Regulation.
"We will offer different options on the sending and receiving side to ensure solid reach for Verification of Payee from day one while allowing users to move towards regulatory compliance at their own pace."