Why 'Verification of Payee'?

This regulatory innovation aims to provide greater peace of mind during transactions, ensuring that the money is sent to the intended beneficiary. The goal is also to promote instant payments.

It allows, in particular, to:

• Limit payment errors: by comparing the beneficiary's name with the IBAN holder, the "Beneficiary name verification" reduces misdirected transfers and their financial consequences.
• Strengthen trust: by adding a layer of security, it reassures users about the reliability of their bank transfers.