What is Verification of Payee?
Verification of Payee (VoP) is a security feature designed to protect you from misdirected payments. Before your payment is executed, we check whether the IBAN account number you entered matches the name of the intended recipient. This helps reduce the risk of sending funds to the wrong person or company.
Which types of payments fall within the scope of the Verification of Payee?
The VoP service applies only to SEPA Credit Transfers (SCT) and SEPA Instant Credit Transfers (SCT Inst).
When does Verification of Payee happen?
The check is carried out instantly after you enter the recipient’s account details in the payment form and before your payment is executed.
Possible outcomes of Verification of Payee:
✅ Match
You will see the following notification banner:
This means the recipient’s name fully matches the IBAN account number you entered.
You can safely proceed with your payment.
✅ Close Match
You will see the following notification banner:
This means the recipient’s name partially matches the IBAN account number you entered.
The system may automatically adjust the recipient’s name to the one registered with the recipient’s payment service provider.
You can safely proceed with your payment.
⚠️ No Match
You will see the following notification banner:
This means the recipient’s name does not match the IBAN account number you entered.
It is strongly recommended to double-check the details with the recipient before continuing.
You may still choose to proceed with the payment.
Please keep in mind that the responsibility for the correct payment details lies with you as a payment service user, irrespective of the message received from the VoP service.
⚠️ Unable to Verify
You will see the following notification banner:
This means we cannot perform the check at this time (for example, due to technical limitations or the recipient’s bank not supporting the service).
It is recommended to try the payment again later.
You may still choose to proceed with the payment.
Please keep in mind that the responsibility for the correct payment details lies with you as a payment service user, irrespective of the message received from the VoP service.