Starting October 5, 2025, a new security measure will come into effect for money transfers under the European Payment Services Regulation (PSR): Verification of Payee (VoP).
From that date onwards, every money transfer must be checked prior to execution to ensure that the name of the payee entered matches the account holder of the specified IBAN. The aim of this security measure is to prevent misdirected payments and to detect and prevent fraud attempts at an early stage.

We are already working on integrating this feature into Outbank. Verification will take place directly in the payment screen during the payment preparation process. Depending on the results of the verification:

• a confirmation will be displayed at the end of the payment if the name and IBAN match,

• a warning will be displayed if discrepancies are identified. In such cases, users can decide whether to proceed with the execution of the transfer—in which event liability is excluded on the part of the payment service provider—or to cancel the transaction and correct the details.

The PSR provides for special conditions and exceptions in respect of collective transfers. Banks may, in certain circumstances, offer users the possibility to opt out of payee verification, thereby deactivating verification of payee.

Further details will be shared following the release of the relevant app update.