Lisbon, Oct. 6, 2026 (Lusa) - The Bank of Portugal (BdP) announced Tuesday that the recipient verification service has been used in 404 million transfers since its introduction.

«Since its implementation, the service has operated 24 hours a day, seven days a week, and has enabled the verification, across 404 million payment transactions, that the recipient of the funds sent was the intended one,» reads a statement published today on the central bank's website.

The institution launched this service a year ago, and it allows users of payment services to check whether the beneficiary of a credit transfer is the intended recipient before carrying out the transaction, the institution explains.

The Bank of Portugal provides the service to 39 payment service providers operating in Portugal and, in collaboration with the European Central Bank, to 30 foreign payment service providers from ten countries.

MES/ADB // ADB.

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