In standard or instant credit transfers between payment service providers established in Portugal participating in the SICOI’s instant transfer subsystem and/or SEPA component of the credit transfer subsystem (see list):

• the single confirmation of payee is used by default. After the payer of the standard or instant credit transfer enters the IBAN or another identifier (e.g. the SPIN identifier) of the payee’s account, the name of the first holder of the destination account is automatically presented;
• if the single confirmation of payee fails to return the name of the payee or if, after receiving the name of the first holder of the account the payer decides to introduce the name of the intended payee, the payment service provider uses the verification of payee service instead, i.e. checking the correspondence between the name of the payee inserted/amended by the payer and the names of the destination account holders. In this case, the payer receives the result of this verification (match, close match, no match, or verification check not possible).

Standard and instant credit transfers to payment service providers other than those listed (e.g. payment service providers established outside Portugal) use the verification of payee. Hence, the payer of a standard or instant credit transfer enters the IBAN of the destination account holder(s) and the name of the intended payee and is automatically provided with the match results between the name entered and the name(s) of the destination account holder(s) users. The verification may lead to the following results: match, close match, no match, or match/verification check not possible.