EBA CLEARING has announced its plan to provide Verification of Payee services to its users at a pan-European level starting from December 2024. This initiative forms part of a broader preparation programme aimed at enhancing instant payments within the European market.

Verification of Payee will enable payment service providers (PSPs) to offer IBAN/name-matching services to their customers for SEPA transactions. EBA CLEARING's implementation will align with the European Payments Council's scheme. According to the Instant Payments Regulation, PSPs across the Single Euro Payments Area (SEPA) are required to offer such services to payers starting from 9 October 2025.

In the company press release, officials from EBA CLEARING emphasised the company's commitment to supporting PSPs in complying with European payments regulation effectively. They stated that EBA CLEARING will provide various options to ensure broad access to Verification of Payee while allowing users to adapt to regulatory requirements at their own pace. In addition to regulatory compliance, EBA CLEARING highlighted the importance of combatting fraud in the SEPA ecosystem.

The company has developed Fraud Pattern and Anomaly Detection (FPAD) in collaboration with its user community to enhance fraud risk management alongside Verification of Payee. Furthermore, EBA CLEARING is prepared for potential increases in participation and transaction volumes in its RT1 system due to the Instant Payments Regulation. Collaborative efforts with users are underway to ensure a smooth transition and accommodate growth in the system.

EBA CLEARING officials stressed the importance of community preparation for scaling up instant payment capabilities across Europe. They also expressed confidence in achieving a disruption-free migration period and assisting new RT1 joiners with their onboarding process. More information about RT1 and EBA CLEARING RT1, owned and operated by EBA CLEARING, is a pan-European infrastructure for instant payments in euros.

Launched in 2017, it settles around three million payments per day in real-time, across Europe. EBA CLEARING, founded in 1998, is a European-owned provider of payment infrastructure solutions processing 20 billion payments annually. The company's systems are pan-European and developed in collaboration with its multinational user community and technology partners.

EBA CLEARING manages EURO1, STEP1, STEP2, RT1, and R2P payment services. Both EURO1 and STEP2 are designated as systemically important payment systems (SIPS) by the European Central Bank. .