Safer payments in euro – payee verification introduced

26 September 2025, 10:00

From 9 October, Rietumu Banka introduces automatic payee verification for all outgoing payments in euro within Europe.

This innovation will be implemented according to the EU regulation, and it will prevent errors under payment processing as well as improve protection from fraud.

From then on, the banking system will verify whether the payee you stated in the payment order is the same as the actual holder of the account to which payment is made.

You will be notified on matching in the internet bank or mobile app every time before the payment confirmation. The notification will inform whether the details are correct (match), incorrect (no match) or have minor inconsistencies (close match).

Payments can be confirmed and passed for processing even in case of no match. However, to preclude the risk of fraud, we recommend finding out why the name of the account holder is different from the one you stated. You can make amendments if necessary. In case of doubt, we strongly recommend abstaining from the payment and contacting the bank immediately.

Please be reminded about the standard limit or your chosen limit set on your payments for security reasons. You can see the limits and adjust those as necessary in the internet bank section “Limits”.

Please address all your questions to your personal service manager or contact the bank’s Customer Service (tel. +371 67025555, e-mail: info@rietumu.lv).