Verification of Payee
Verification of Payee (VoP) is a security service that checks that the name of the recipient matches the account holder’s name, to prevent incorrect payments and fraud.
What is Verification of Payee (VoP)?
Verification of Payee (VoP) is a service to prevent fraud. It checks whether the name you enter when making a payment matches the name registered in the recipient’s bank account (IBAN). This helps to ensure that your money goes to the right person or business.
Verification of recipient is a security service that helps prevent incorrect payments and fraud. The service will check if the name you provide when paying matches the name registered in the recipient’s bank account (IBAN). This helps to ensure that your money goes to the right person or business.
How does it work?
When you start a payment:
- You must state the recipient’s name and IBAN.
- The system will check if the name matches the account holder’s name in the recipient’s bank.
- You will receive a status for recipient verification, which shows how well the names match.
Possible VoP status:
✅ Matches
The name provided matches the name of the beneficiary’s account
🟡 Close Match
The name provided is almost matching the name of the beneficiary's account.
❌ No Match
The name provided does not match the name of the beneficiary’s account. Please review the beneficiary’s name and account number. If you continue with the payment, the funds might be transferred to an account not in the name of the indicated beneficiary.
No VoP/NoAP
Verification of payee is not possible to check on this beneficiary. If you continue with the payment, the funds might be transferred to an account not in the name of the indicated beneficiary.
Technical error
Verification of Payee is unavailable. If you continue with the payment, the funds might be transferred to an account not in the name of the indicated beneficiary, or you can try again later.