What is 'Verification of Payee'?

The "Verification of Payee" is a requirement introduced by the European Union to strengthen payment security.

Before validating a transfer, you are informed of the match (or not) between the entered name and the actual IBAN holder. However, you remain free to execute the operation, even in case of a discrepancy, as the bank does not block the transaction.

This mechanism applies to all transfers, whether instant or not.