More Protection for Bank Customers with Instant Transfers - New EU Banking Rules Mandate Real-Time Payments, Enhanced Security
New European banking regulations aim to enhance security and efficiency. As of October 9th, real-time payments are mandatory, and payee verification is introduced for many, but not all, European countries.
Payee Verification, set to bolster security in online banking, requires banks to match the name and IBAN of the payment recipient with the target account data before approving a transfer within the Eurozone. This applies to both SEPA credit transfers and SEPA instant credit transfers. The payer will receive the check result within seconds to decide whether to proceed with the transfer.
Real-time payments, now mandatory, must be processed within ten seconds, even during nights and weekends. This service is available to customers across the SEPA area, covering 36 countries including all EU member states and some non-EU nations. Notably, the UK and Switzerland are exempt from payee verification requirements.
While payee verification is not planned for transfers to and from the UK and Switzerland, it is mandatory for most European countries. The new rules, including real-time payments, do not impose additional charges on customers.
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