Instant payments: sending and verification of payee outside the euro area

The Instant Payments Regulation (IPR) (external site) requires payment service providers, the banks and other licensed firms that hold payment accounts, to offer instant credit transfers in euro: transfers that reach the payee within seconds, at any hour. Before each transfer, the provider also checks that the payee name matches the account, a service called Verification of payee (VoP) (Regulation (EU) 2024/886 (external site)).

This event covers the second step for providers in EU countries whose currency is not the euro, such as Poland. From 9 July 2027 they are required to send instant euro transfers and to offer verification of payee (ECB overview of the regulation (external site)).

Until 9 July 2027 these providers only receive instant euro transfers. From that date, a customer who can send a standard euro transfer can also send an instant one, on any channel the provider offers (Regulation (EU) 2024/886 (external site)).

Verification of payee runs after the payer enters the payee details and before the payer authorises the transfer (Regulation (EU) 2024/886 (external site)). As an illustrative example only: a payer enters an IBAN and a company name that differs by one letter; the provider answers with a close match and shows the name held for that account.

The answer is a match, a close match, no match, or a check that was not possible. The payer can still decide to send (Regulation (EU) 2024/886 (external site)).

For accounts held in the national currency, such as zloty accounts, the regulation sets a limited exception for sending until 9 June 2028, under conditions set in the text (Commission questions and answers on the regulation (external site)).

The rule applies to credit institutions, payment institutions and electronic money institutions located in EU countries outside the euro area (Regulation (EU) 2024/886 (external site)).

• Payments Operations Analyst: processes outgoing instant euro transfers and their rejections at any hour.
• Fraud Analyst: uses verification of payee results to detect transfers sent to an account in another name.
• Payments Messaging Specialist (SWIFT): adds the verification request and response to the message flow before sending.
• Cash Management Product Manager: adds instant sending and the name check to every payment channel.
• Financial Crime Investigations Associate: reviews cases where a payer sent money despite a no match result.
• Chargeback & Disputes Analyst: handles customer claims on transfers that went to the wrong account.

The regulation entered into force on 8 April 2024 (consolidated text of Regulation (EU) No 260/2012 (external site)). The dates below are set in the legal text and are confirmed.

• 9 January 2027: providers outside the euro area receive instant euro transfers.
• 9 July 2027: they send instant euro transfers and offer verification of payee.
• 9 June 2028: the exception for national-currency accounts ends.

In the euro area, verification of payee has applied since 9 October 2025 (ECB overview (external site)).

Before the regulation, EU law did not require a check of the payee name for euro transfers. The Commission presents the check as part of making instant euro payments faster and safer (European Commission (external site)).

The SEPA Regulation of 2012 set common rules for euro credit transfers (summary of the SEPA Regulation (external site)). The 2024 amendment added instant transfers and set a later timetable for countries outside the euro area (ECB overview (external site)).