The Central Bank of Latvia published “Payment radar” results and a population survey on the early use of payee name and account number verification, reporting that the new security feature is delivering practical benefits by helping users avoid misdirected payments and reducing fraud and error risks. The check became uniformly applicable across Europe from 9 October 2025, and the Central Bank of Latvia is one of two euro area central banks offering a verification service to payment service providers. From October 2025 to the end of February 2026, 57.4 million verification requests were processed through the bank’s Instant Verification Service, which is available to payment service providers in Latvia and other European countries. Providers can choose their verification service supplier, and two major Latvian commercial banks have selected a provider other than the Central Bank of Latvia. In a February 2026 survey by SIA Latvijas Fakti, 68% of Latvia’s population reported noticing the verification step when making online or mobile transfers; half of those respondents said it helped prevent incorrect transfers by alerting them to mismatches between the payee name and account number, while 41% reported not encountering any mismatches.
Central Bank of Latvia 2026-04-14
Central Bank of Latvia publishes first five-month results for its Instant Verification Service with 57.4 million payee checks processed
The Central Bank of Latvia published “Payment radar” results and survey findings on early use of payee name and account number verification, indicating the new security feature is helping users avoid misdirected payments and reduce fraud risks. From October 2025 to end-February 2026, 57.4 million verification requests were processed via its Instant Verification Service, while a February 2026 survey found 68% of Latvia’s population noticed the verification step and about half of those said it helped prevent incorrect transfers.