The Bank of Italy published information on the “Verification of Payee (VoP)” requirement, which became mandatory for both standard and instant bank transfers on 9 October 2025. VoP checks the correspondence between the IBAN and the beneficiary’s name (or identifier) and is intended to reduce fraud and payment errors by providing the payer with a real-time verification result. The system can return outcomes of match, mismatch, partial match, or impossible to verify, and the payer can decide whether to confirm the payment based on the outcome. The Bank of Italy noted that these obligations also apply to it when acting as a payment service provider for public administrations, with further information for transfers to public administrations and instant bank transfers available on its website.
Bank of Italy 2025-10-20
Bank of Italy outlines mandatory Verification of Payee checks for standard and instant bank transfers
The Bank of Italy has mandated the "Verification of Payee" requirement for standard and instant bank transfers as of 9 October 2025, aimed at reducing fraud and payment errors. This system checks the correspondence between the IBAN and the beneficiary's name, providing real-time verification results. The Bank of Italy also applies these obligations when serving as a payment service provider for public administrations.