16.09.2025
As of 9 October 2025, a new Instant Payments Regulation (IPR) will enter into force in the European Union. It requires all banks to offer instant payments to customers, whereby payments made in euros will reach the payee’s account within 10 seconds.
In addition, the verification of the payee’s name and account number (Verification of Payee, VOP) becomes mandatory for European payments. This automatic check indicates whether the name of the payee corresponds to the account number entered, i.e., whether the account belongs to the person to whom the payment is made. The check does not prevent payment. If the name and account number of the payee do not match, it is brought to the attention of the customer, but the customer decides whether to make the payment or not, for security reasons, and specifies the details.
The aim of the changes is to increase the volume, security and transparency of instant payments in the European Union.
What should LHV customers consider?
We continue to make European instant payments at lightning speed
- We have been offering instant payments for years and our customers are used to making payments quickly and conveniently at LHV. If the amount is less than EUR 100,000 and the payee’s bank accepts instant payments, the money will reach the account in just a few seconds.
- If an instant payment cannot be made (e.g., the payee’s bank does not allow it or the amount exceeds EUR 100,000), the payment will move more slowly, i.e., as a European payment.
New option – instant payment limit
- Instant payments are subject to the same daily and monthly limits as regular transfers. In addition, the maximum amount of each instant payment at LHV is always EUR 100,000, even if the customer’s global transfer limits are higher.
- If you wish, you can set a separate instant payment transaction limit, which limits the amount of one instant payment. For example: if your daily transfer limit is EUR 300 and you set your instant payment limit to EUR 100, you can make three instant payments of EUR 100 per day.
- The limit can be set from the beginning of October in the LHV Internet Bank under the menu Information and Settings → Accounts and Limits → Instant Payment Limits. This is a voluntary option, not an obligation. If there is no transaction limit for instant payments, we take into account the usual daily and monthly limits for payments.
Additional options with instant payment
- If you make a payment that exceeds your set instant payment limit, we will immediately notify you on the payment form that the amount exceeds the limit. You then have two choices: either you increase your instant payment limit or you make a payment as a regular European payment that moves more slowly.
- In the Internet Bank, we have set by default that all failed instant payments are automatically made slower, if possible, i.e., as a European payment, so that the payment can still be received. If you wish, you can change this setting: in this case, you will always have to make the failed payments yourself again.
It is definitely worth remembering that the upcoming changes in instant payments are not a so-called magic cure against possible fraud. The fast movement of money is convenient, but it is definitely worth continuing to be vigilant.
Name and account number verification
- We check the correspondence between the name and account number for all European payments (instant and regular). The check is carried out automatically for all payments made by private customers and for individual payments made by business customers.
- If the automated check reveals that the name and account number of the payee do not match, we will display a warning to the customer on the payment form. In this case, it is always worth checking the payment details, otherwise the money may reach the wrong payee. However, the final decision and informed choice is always left to the customer: whether they want to take the risk and make the payment or specify the payee’s account number and name and execute the payment again.
- For file payments (e.g. import of payments file), the business customer has a separate option in the settings to choose whether or not to check the name and account number of the payments. This preference can also be changed at any time.
The new regulation will provide additional tools to increase security, but does not exclude being a victim of fraud. Therefore, keeping your data (including PIN1 and PIN2) secure in order not to lose your money remains the best protection against fraud.
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