Authorised push payment (APP) fraud · Concepts · European Finance Observatory

Roles that need it

Verification of payee (VoP)Verification of payee is a check, made before a credit transfer is authorised, that the payee name given by the payer matches the name on the account behind the IBAN. The answer is a match, a close match with the right name, no match, or not possible. It is mandatory for euro transfers under the Instant Payments Regulation; the UK equivalent is Confirmation of Payee.
SEPA Instant Credit Transfer (SCT Inst)SEPA Instant Credit Transfer (SCT Inst) is the European Payments Council scheme for euro credit transfers that complete within 10 seconds, 24 hours a day, every day of the year. The payment is either credited and confirmed in time or rejected, and once credited it is irrevocable. Also called SEPA Instant or instant payments.
PSD3 and the Payment Services Regulation (PSR)PSD3 and the Payment Services Regulation (PSR) are the EU package proposed in June 2023 to replace PSD2. PSD3 covers licensing and supervision of payment and e-money institutions, while the directly applicable PSR covers conduct, open banking, fraud and liability, including refunds for some impersonation fraud. A provisional agreement was reached in November 2025.

Updated 31 Oct 2026.