This initiative aims at mutualizing the deployment efforts of the Verification of Payee (VoP) requirement, which shall be implemented by payment service providers (PSPs) for all credit transfers no later than September 2025. Even though this deadline might seem far, PSPs shall not wait to kick off their projects in order to be compliant on time. The shareholders of LUXHUB are glad to see the development of the Payee Verification Platform and support LUXHUB’s ambition of offering a robust solution destined to all PSPs.

What’s new for the bank’s customer/account holder?

When a customer intends to initiate a credit transfer, whatever the channel, its bank will have to offer him/her a service ensuring verification of whether the name and the IBAN of beneficiary match, do not match or almost match. This information shall be provided before the payer is offered the possibility of authorizing the payment in order to enable the client to correct the data or to decide not to authorize the payment, should there be a “close” or a “no match”.

Apart from professionals performing bulk payments, clients cannot opt out from this service. In the event the client decides to authorize a credit transfer despite a “no match” and provided that the PSP complied with all its obligations, the latter shall not be held liable if the credit transfer reaches an unintended beneficiary. Should the service be unavailable or return

incorrect answers, the PSP of the payer or the PSP of the payee might be held liable, as the case may be.

As explained by Claude MEURISSE, CEO of LUXHUB, “Verification of Payee will positively impact the payment journey of every bank customer, by enabling safer transactions, through an immediate IBAN-name check verification.”