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A recent proposal from the European Commission aims to encourage and increase the use of instant payments in euros throughout the European Union (EU). It is hoped that instant payments will foster smoother and safer transactions to the benefit of citizens, business, and the public sector, leading to innovation and a more competitive market. 

Benefits:

  • Users will enjoy a broader availability of affordable euro instant payments—the cost of the service will be the same as, or less than, traditional credit transfers.
  • Improved cash flow for businesses, especially small- and medium-size enterprises (SMEs).
  • Ability to receive emergency funds and pay bills or shared expenses promptly.

The European Commission proposes several regulations for payment service providers (PSPs) including:

  • PSPs offering credit transfer service in euros must also provide instant payment service in euros.
  • All instant payment providers offering this service in euros must verify that the account number (i.e., IBAN) and the name of the payment beneficiary match before authorizing the transaction and warn the payer of any discrepancy that could suggest fraud.
  • All instant payment providers must also screen their own clients daily against EU sanctions lists.

As such regulations come into effect, and instant payments become the norm, new bank account verification tools will be needed. We’re already ahead of the game with Socure Account Intelligence (SAI), which allows customers to instantly verify domestic bank account status and ownership prior to ACH payment transactions, funds disbursements, or money transfers. SAI takes inputs of routing and account numbers, consumer name, and additional PII (optional), then validates them against data sources and advanced analytics. The product then returns a confirmation as to whether the consumer owns the account and validation that the account is open and can process the ACH transfer—all in real time.

Request a demo to find out more about Socure Account Intelligence and other Socure products.

Emily Saitta
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Emily Saitta

Emily Saitta

As a recognized leader in digital risk prevention, Emily Saitta has spent over a decade monetizing identity verification and fraud prevention solutions, across both Fortune 500 companies and startups. Specializing in competitive intelligence, she penetrates lucrative global and domestic markets with next-generation B2B and B2C fraud solutions. As an advocate for diversity, equity, and inclusion, Emily can often be found presenting as a keynote speaker on the importance of accessible solution design.