From October, bank customers across Slovakia will be able to verify the recipient’s name before making a transfer, under a new European Union regulation designed to reduce payment errors and fraud.
Mistakes when entering IBAN numbers can lead to money being sent to the wrong account – a problem that can take weeks or even months to resolve. The new system allows customers to instantly check whether the account number they entered matches the intended recipient’s name, free of charge.
When making a SEPA or instant payment, customers will provide the recipient’s IBAN and name. The payer’s bank will then confirm these details with the recipient’s bank, providing immediate feedback before the payment is authorised.
Minor discrepancies, such as punctuation errors, will be automatically corrected to match the bank’s records. However, if the recipient’s name differs significantly from the details provided, customers will be alerted and can decide whether to proceed.
All banks in the eurozone, including Slovakia’s, are required to implement this verification service by 9 October 2025. Slovak banks are currently upgrading their systems to comply.
The measure also places new responsibilities on businesses and sole traders, who must ensure their company names are accurately reflected on invoices and payment instructions to avoid delays.
This development coincides with the ongoing adoption of instant payments across the eurozone, allowing transfers to be completed within seconds.