What is Verification of Payee (VoP)?
Verification of Payee (VoP) is a security check that helps ensure you are sending money to the correct account. It compares the name you enter for the payee with the name registered to the IBAN. This helps prevent payments being sent to the wrong account and reduces the risk of fraud.
When does Verification of Payee happen?
VoP checks are performed when you:
Add a new payee
Make a SEPA or SEPA Instant payment
VoP is mandatory under EU regulation for SEPA and SEPA Instant payments.
What happens when we check the payee’s name and IBAN?
When you enter payment details, we’ll check whether the name matches the IBAN and show you one of the following results:
Match: You’ll receive a confirmation message and can proceed with the payment after reviewing the details.
Close match: We’ll show you the registered name on the account. You should confirm with the payee before proceeding to ensure the payment request is genuine.
No match: You’ll see a warning. We strongly advise verifying the details with the payee before continuing, as proceeding may result in funds being sent to the wrong account and recovery may not be possible.
Unable to verify: If we can’t check the name, you’ll see a message indicating this. In these cases, confirm the details directly with the payee before proceeding.
How can I ensure I receive SEPA payments correctly?
To avoid issues receiving SEPA payments, always provide your full legal name and correct IBAN.
What should I do if I accidentally send money to the wrong account?
Please review the payment details carefully. If you choose to proceed after we have flagged a Close Match, No Match, or Unable to Verify result and the payment is sent to the wrong beneficiary, you may be responsible for the loss and we may not be able to recover the funds.
What are signs of fraud I should watch for?
Be cautious if you’re advised to ignore a “No Match” or “Close Match” warning. Always verify payment details with a trusted source before proceeding.
Some common signs of fraud include:
Unexpected changes to account details
A sense of urgency or pressure to make a payment
Being encouraged to proceed despite a “close match” or “no match” warning
Offers or deals that seem too good to be true
Still need help?
Drop us a chat in your app and our support team will help.