Instant Verification Service

Instant Verification Service (IVS) currently being developed by Latvijas Banka will offer a solution for verifying the payee’s name or, in certain cases, the payee’s identifier against its account number (IBAN). IVS will start operating in October 2025, along with the implementation of the requirements of Regulation (EU) 2024/886 of the European Parliament and of the Council, which is aimed, among other things, at reducing the possibility that a payment is sent to an unintended payee as a result of fraud or error.

Payment service providers that already participate or intend to become participants of EPC SEPA Credit Transfer (SCT) scheme and EPC SEPA Instant Credit Transfer (SCT Inst) scheme and having interest in the upcoming IVS are invited to reach out to Latvijas Banka via e-mail This email address is being protected from spambots. You need JavaScript enabled to view it..

More about IVS:

• Developed in compliance with the requirements of the European Parliament and Council Regulation (EU) 2024/886 and EPC VoP scheme
• Ensures exchange of information in JSON format via Rabbit message queues
• Provides routing services for EPC VoP requests and related responses based on the EPC Directory Service data
• Maintains QWAC PSD2 certificates and uses them for authentication of external EPC VoP requests

Provides three solutions for IVS Service users on the responding side

Option 1: Routing only

• Forwarding of VoP requests received from the Requesting PSP
• Routing of the related VOP response generated by the IVS user in accordance with EPC recommendations for the matching processes

Option 2: Routing and Matching based on the immediate response from the user

• Forwarding of VoP requests received from the Requesting PSP
• Matching based on the list of names or IDs provided by the IVS user as a response to each separate VoP request
• Caching name information to respond to further requests until the end of the calendar day without forwarding requests to the user
• Generation and routing of VoP response

Option 3: Routing and Matching based on IBAN/name(ID) database

• Receiving of VoP requests from the Requesting PSP
• Matching based on the IBAN/name(ID) database provided and regularly updated by the IVS user
• Generation and routing of VoP response 

IVS Pricing (to be confirmed)