This service enables payment service users to verify the payee of a standard or instant credit transfer by checking whether the name they entered matches the name(s) of the destination account holder(s), as registered with the payee’s payment service provider.

The verification of payee service works as a complement to the confirmation of payee service. The verification of payee service enhances security for users carrying out both standard or instant credit transfers, helps to reduce fraud and increases users’ confidence in carrying out these operations within the euro area.

Payment service users can use the verification of payee service through the same channels where their payment service provider offers the initiation of standard or instant credit transfers, either remotely (e.g. home banking or app) or face-to-face (e.g. counters).