Recital 20

(20) Security of credit transfers in euro, both instant and non-instant, is fundamental for increasing PSUs’ confidence in the payment service of sending and receiving credit transfers and ensuring its use. Under Directive (EU) 2015/2366, the only determinant of the correct execution of the transaction with respect to the payee is the unique identifier, as defined in that Directive, and PSPs are not required to verify the name of the payee. PSPs should have in place robust and up-to-date fraud detection and prevention measures, designed to prevent a credit transfer from being sent to an unintended payee as a result of fraud or error, given that it might not be possible for the payer to recover the funds before those funds are credited to the payee’s account. PSPs should have a certain degree of flexibility in designing the most suitable measures for dealing with different payment initiation options. Such measures should not result in PSUs incurring any additional charges or fees. PSPs should therefore provide a service ensuring verification of the payee to whom the payer intends to send a credit transfer (service ensuring verification). To avoid undue friction or delays in the processing of the transaction, the payer’s PSP should perform such service immediately after the payer provides the relevant information about the payee and before the payer is offered the possibility of authorising the credit transfer.

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Source: EUR-Lex CELLAR · retrieved 2026-08-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.