Payment providers in the euro area must check the payee’s name against the IBAN before a credit transfer is made, and warn the payer about mismatches.
Key points
- Euro-area PSPs had to offer VoP by 9 October 2025.
- Non-euro EU member states follow by 2027.
- If a PSP fails to provide VoP and fraud follows, it can be liable for the loss.
What firms should do
Map the requirements to your controls, assign an owner, and track deadlines in your compliance calendar. Pro members get a detailed implementation checklist.