Is Verification of Payee mandatory for all transfers?

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Is Verification of Payee mandatory for all transfers?

1 Mins read

Yes. PSD3/PSR extends IBAN-name matching verification to all credit transfers across the EU, not just instant payments. The service must be provided free of charge to consumers. Payers retain the right to proceed with a transfer even after being notified of a mismatch, and they can opt out of the service entirely. However, PSPs face liability if their verification system fails to detect a mismatch that leads to fraud.