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Confirmation of Payee/Payer
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The Confirmation of Payee/Payer functionalities are offered by the Banco de Portugal to payment service providers, within the scope of the Interbank Clearing System (SICOI).
In turn, payment service providers supply these functionalities across various channels to payment service users.
Confirmation of Payee/Payer functionalities have been available 24 hours a day, 7 days a week, 365 days a year since 20 May 2024.
There are two functionalities to confirm the payee/payer:
The Single Confirmation of Payee functionality, which makes it possible to confirm information on a credit or instant transfer payee by providing the name of the first holder of the payment account linked to the specified IBAN;
The Bulk Confirmation of Payee/Payer functionality, which confirms the ownership of one (or more) payment account(s) by validating the tax identification number (TIN)/IBAN or legal person identification number (LPIN)/IBAN pairs for bulk credit or instant transfers and direct debits.
These functionalities enhance the user’s security when executing payment transactions, by enabling credit or instant transfer payers and direct debit creditors to confirm the identity of the respective payee/payer before the transaction is initiated. This confirmation prevents, for instance, misdirected transfers and collections, as well as fraud and scams.
The provision of Confirmation of Payee/Payer functionalities is regulated by Instruction of the Banco de Portugal No 2/2024, in force since 8 February 2024, amending Instruction of the Banco de Portugal No 8/2018 – the SICOI Regulation.
With this functionality, the payment service user can obtain information about a credit or instant transfer payee before authorising its execution, thus making the transaction safer.
Having entered the IBAN, originators see the name of the first holder of the account they intend to make the transfer to. If the destination account holder is a legal person, the corporate name is returned and, if any, the trading name.
This functionality is available, at no additional cost, to all payment service users when initiating credit and instant transfers on the various channels of their payment service providers, either via remote (e.g. home banking or app) or face-to-face channels (e.g. counters).
The Single Confirmation of Payee functionality is supplied by the Banco de Portugal to payment service providers established in Portugal participating in the SICOI’s instant transfer subsystem and/or SEPA component of the credit transfer subsystem.
The Banco de Portugal does not offer this functionality to the following payment service providers:
entities established in Portugal that do not participate in SICOI or, while participating in SICOI, do not participate in the instant transfer subsystem or the SEPA component of the credit transfer subsystem;
branches of domestic payment service providers established outside Portugal, even if they participate in SICOI.
To find out more about this functionality, please consult our FAQs.
With this functionality, firms can verify the ownership of one (or more) payment account(s), by validating the TIN/IBAN or LPIN/IBAN pairs prior to initiating bulk credit or instant transfers and direct debits.
To this end, the firm submits a set of pairs composed of the IBAN and the TIN/LPIN of credit and instant transfer payees or direct debit payers to its payment service provider and receives information on whether the pair is true or false.
Through this functionality, firms may, for instance, validate whether wage and supplier payments are made to the correct payees, and if direct debits are collected from the right payers’ accounts.
This functionality is available to all firms as payment service users when initiating bulk credit or instant transfers and direct debits (“in batches”) through their payment service providers’ channels.
There is a harmonised file for communication between firms and their payment service providers to submit the IBAN/TIN or IBAN/LPIN pairs for validation, and for their reply. This file is used on a voluntary basis by payment service providers.
The Bulk Confirmation of Payee/Payer functionality is supplied by the Banco de Portugal to payment service providers established in Portugal participating in the SICOI’s instant transfer subsystem, SEPA component of the credit transfer subsystem and/or direct debit subsystem.
The Banco de Portugal does not offer this functionality to the following payment service providers:
entities established in Portugal that do not participate in SICOI or, while participating in SICOI, do not participate in the instant transfer subsystem, the SEPA component of the credit transfer subsystem or the direct debit subsystem;
branches of domestic payment service providers established outside Portugal, even if they participate in SICOI.