Eurozone outlines payment verification system
ECB says new service will build on work by Portuguese and Latvian central banks
The Eurosystem is to offer a verification-of-payee service for payment service providers by October 9.
In a statement on March 10, the European Central Bank said the system would build on work by the Portuguese and Latvian central banks, which have both developed verification systems that will go into use.
In a separate statement, the Bank of Portugal said its own service had already “contributed to reducing fraud and increasing user safety when carrying out credit transfers”.
The Bank of Latvia
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