Starting from October 5, 2025, a new regulation Instant-Payment-Verordnung (EU) 2024/886 will come into effect in all banks of the European Union, altering the procedure for making bank transfers within the SEPA system. This innovation will apply to all users of the single euro payments area, including Ukrainians with accounts in European banks.
SEPA covers EU countries as well as Norway, Iceland, Liechtenstein, and Switzerland, allowing for quick and cost-effective money transfers in euros. The new rules will require the verification of IBAN and automatic comparison with the recipient’s name. This means that even small mistakes in spelling can stop the payment.
After making a transfer, the sender will receive the verification result. This system will allow a successful transaction in case of a complete match of the data. However, minor discrepancies may cause warnings or even block the payment.
For Ukrainians in Europe, this may create new risks since even minor mistakes in spelling the name can lead to the rejection of the transfer. Experts recommend carefully checking your details and informing senders of the need for accuracy. The new rules apply to all banks in the European Union and cannot be avoided.
Ukrainians who receive salaries from European companies, use SEPA for transfers, or have different spellings of their names in documents and bank requisites will particularly suffer.
The emergence of the new regulation for bank transfers in EU countries that jointly use the single euro area may impact Ukrainians with accounts in European banks. The new rules will demand great attention to the accuracy of data entry, as even minor mistakes can lead to payment blocks. To avoid misunderstandings, experts recommend carefully checking their information and accurately informing senders about their details.