What is Verification of Payee (VoP)?
VoP is a security feature that checks whether the name entered for a payment matches the name registered to the IBAN. It helps prevent misdirected payments and fraud.
What happens if the name and IBAN match?
You’ll receive a confirmation message and can proceed with the payment after reviewing the details.
What if the name and IBAN do not match?
You’ll see a “No Match” warning. We strongly advise verifying the details with the payee before continuing. Proceeding may result in funds being sent to the wrong account, and recovery may not be possible.
What if the name is a close match?
You’ll be shown the registered name on the account. You should confirm with the payee before proceeding to ensure the payment request is genuine.
What if the system cannot verify the payee name?
You’ll see an “Unable to check Payee Name” message. In such cases, confirm the details directly with the payee before proceeding.
Can I make payments to joint accounts?
Yes. VoP will confirm if the name matches at least one account holder. Still, we recommend verifying the name with the payee.
Experiencing problems to receiving SEPA payments.
When providing your bank details for receiving SEPA payments, always provide your full name (not
a nickname). If you are a business customer, you should provide your legal or trading name.
How can I ensure I receive payments correctly?
Always provide your full legal name and correct IBAN. Business customers should use their
registered trading name.
Is VoP mandatory?
Yes. Under EU regulation, VoP must be performed for all SEPA and SEPA Instant payments.
When is VoP triggered?
VoP checks occur when adding a payee, making a credit transfer, or setting up a recurring
payment order.
What should I do if I accidentally send money to the wrong account?
Contact our support team immediately. However, if VoP flagged a mismatch and the payment was
still processed, recovery may not be possible, and liability may not be assumed.
What are signs of fraud I should watch for?
Be cautious if someone encourages you to ignore a “No Match” or “Close Match” warning. Always
verify payment requests with someone you trust.
What are some of the telltale signs of Fraud?
Some telltale signs of fraud are:
