As of October 5, 2025, we will introduce changes to payment initiation and execution to comply with EU Instant Payments Regulation and make your payments more secure.
Verification of Payee service
The purpose of the Verification of Payee service is to check whether the beneficiary’s name matches the name registered at the beneficiary’s bank, already before confirming the payment.
When initiating an internal payment or European payment (European instant payment or European ordinary payment), the system compares the name you have entered with the name held by the beneficiary’s bank. This check is performed before confirming the payment. After the name has been checked, you still have the option to authorise the payment as the final step.
If there is a mismatch, we will notify you. This helps prevent fraud and errors. However, you can still choose to proceed with the payment. Please note that if the payment is sent to the wrong beneficiary, it may not be possible to recover the funds.
You will see one of the following four results when verifying a beneficiary:
- Match – The name you entered matches the actual account holder’s name.
- Close match – The name does not fully match. You will be shown the name registered at the beneficiary’s bank. If it does not seem correct or you are unsure, we recommend you to contact the beneficiary to confirm the correct name.
- No match – The name does not match the account holder's name. In this case, we recommend contacting the person or business you are trying to pay to confirm their correct name and account number before proceeding.
- Not possible to verify – The Verification of Payee service is currently unavailable or there is a technical issue.
If the name and account don’t match, or the check can’t be completed, and you are unsure of the details, we recommend not confirming the payment. Always verify the information with the beneficiary using a trusted contact method, such as a known phone number or email—not contact details from unfamiliar messages, as these might be used by fraudsters.
The process is called Verification of Payee. This helps you make sure that you are sending the payment to the right person or business. It reduces the risk of fraud and also helps avoid simple mistakes like spelling errors or wrong account numbers. This requirement is part of the EU Instant Payments Regulation, and all banks in the euro area must follow it.
Verification of Payee apply to internal payments and European payments (European instant payments and European ordinary payments) to euro area countries. The check is free of charge for all customers.
For standing orders, the name check is only performed at the time the standing order agreement was entered, not for every individual payment.
Business customers sending multiple payments in one file can opt out of the name check.
The Verification of Payee service applies to payments made in the internet bank, mobile app, branches, and through Baltic Gateway.
Baltic Gateway users will be informed about the implementation separately.
- For individuals, use their first name and surname.
- For companies, use the legal name.
If you’re a business customer, make sure the name on your invoices matches the name registered with the bank. Also, double-check the details of your beneficiaries in your accounting systems. The beneficiary’s name must match the name registered in their bank.
No. You can only check using the beneficiary’s name.
The service is not performed when you haven't entered the beneficiary name yourself – for example, in e-invoice payments or payments using a mobile number.
You will see the account holder’s name. Check if it is correct. If you’re unsure, contact the beneficiary to confirm their details.
First, check that the details you entered are correct. If they are, contact the beneficiary to confirm their name and account number. If they confirm the information is correct, ask them to check with their bank. If the name still doesn’t match, it could be a fraud attempt. Fraudsters often pretend to be someone you trust, such as a bank or business partner. If in doubt, do not proceed.
It means the Verification of Payee service is not available at the moment. Try again later. If the problem continues, ask the beneficiary to speak with their bank to find out why.
The result is shown within a few seconds after entering the name and account number. The beneficiary’s bank returns the result, and it is shown to you before payment confirmation.
European instant payment limits
You can set a daily limit or transaction limit for your European instant payments. By default, a transaction limit of 15 000 EUR applies until you choose your own. If the amount of a European payment is below this limit and the beneficiary’s bank accepts instant payments, the payment will be processed as an European instant payment. If the amount exceeds the limit, you can increase your European instant payment limit or choose to make a European ordinary or European express payment.
There is no fixed maximum limit, but it must not exceed other applicable banking limits. If an European instant payment exceeds your internet bank limits, the payment will be declined and not processed.
No. If you do not set a limit, a default transaction limit of 15 000 EUR applies. Payments above this amount will be processed as European ordinary payments or European express payments.
You can change your European instant payment limit at any time.
You can manage your European instant payment limits via your internet bank or at a bank branch. You can adjust the limits at any time, as often as you wish, without requiring bank approval.
No. The limit applies only to outgoing European instant payments. Incoming European instant payments are not affected.
The limit is customer-based. If you have multiple accounts, the limit (whether daily or transaction limit) applies to all accounts collectively. For business clients, the same limits apply to all users within the internet bank.
Yes. Payments over 10 million EUR must be pre-approved by the bank or communicated in advance. Please take this into account when planning large payments.
European instant payment execution within 10 seconds
If the payment cannot be completed within 10 seconds – for example, if additional checks are required or there is another issue – the payment will be rejected, and the money will be refunded to your account.
When initiating an European instant payment, you can choose to automatically repeat it as a European ordinary payment.
In this case, please ask the beneficiary to contact their payment service provider (e.g. their bank) to check the payment status.
Yes, in such cases the service fee will be returned.
No, rejected European instant payments will not be counted in the number of payments used within your service plan.
