Instant Payments Require Instant Verification ‘ A Quick Look at the European Commission’s Proposal

A European Commission proposal seeks to expand affordable euro instant payments across the EU by requiring payment service providers that offer euro credit transfers to also provide instant-payment options, with fees no higher than traditional transfers. The initiative is intended to improve transaction speed, cash flow for businesses—particularly SMEs—and consumers’ ability to receive emergency funds or settle bills quickly, while promoting innovation and competition. Proposed safeguards include verifying that a beneficiary’s IBAN matches their name before a payment is authorized and alerting users to discrepancies that may indicate fraud, as well as requiring providers to screen customers daily against EU sanctions lists. The text argues that broader instant-payment adoption will increase demand for bank-account verification tools and presents Socure Account Intelligence as a real-time service for validating domestic account ownership, status, and ACH transfer capability.

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