The Central Bank of Latvia has expanded the availability of its Instant Verification Service (IVS) at the Eurosystem level, enabling banks and fintech payment service providers in Latvia and elsewhere in Europe to run Verification of Payee (VoP) checks to meet new EU instant payment requirements. Since October 2025, payment service providers in the euro area have been required to verify the payee’s name against the IBAN before executing any credit transfer. IVS performs the check in less than five seconds and returns a result of “Match”, “No match”, “Close Match” or “Not Applicable” before the payer authorises the payment. The service is aligned with the European Payments Council VoP Scheme and Regulation (EU) 2024/886 and supports secure data exchange between IVS users and other VoP-scheme participants. Latvijas Banka offers three configuration models for responding payment service providers (routing only, routing with real-time matching, and routing with database-based matching) and notes that, once internal adaptations are completed, integration can take around a month for the most efficient users; financial institutions from eight countries have already chosen the service.
Central Bank of Latvia 2025-11-04
Central Bank of Latvia expands Eurosystem Instant Verification Service to support mandatory Verification of Payee checks across Europe
The Central Bank of Latvia has expanded its Instant Verification Service (IVS) to the Eurosystem level, enabling banks and fintechs across Europe to conduct Verification of Payee checks in compliance with new EU instant payment requirements. Since October 2025, euro area payment service providers must verify the payee’s name against the IBAN before credit transfers. IVS aligns with the European Payments Council VoP Scheme and Regulation (EU) 2024/886, offering three configuration models for integration.