VoP – What is it?
The implementation of the Verification of Payee service on October 9, 2025, will enhance the security of your euro transfers within the SEPA¹ area.
Its implementation is part of a broader initiative by the European Commission² to further secure payments within the European Union. This service will help improve the fight against fraud (e.g., identity theft, transfers to fake suppliers, etc.) and reduce input errors.
The regulation introducing VoP requires banks and payment service providers to verify that the name of the transfer recipient, as entered by the sender, matches the name of the IBAN account holder as registered with the recipient’s bank.
(1) The list of SEPA member countries is available here
(2) The introduction of the Verification of Payee service is provided for under EU Regulation 2024/886
VoP – How does it work?
When you enter a transfer, and before it is executed, the VoP automatically and in real time verifies that the recipient’s details entered (name and IBAN) match those held by the recipient’s bank.
- If the details match, you receive a confirmation message ("Match"), and you can proceed with your transfer as entered.
- If the details do not match, you receive an alert ("No Match"). You must then verify the entered information.
- In the case of a partial match ("Close Match"), you receive a message suggesting the beneficiary's name.
In the event of a "No Match" or "Close Match," you may still decide to proceed with the transfer without making changes. However, if the funds are sent to the wrong recipient, it will be your liability.
For business or institutional customers, there is an option to opt out of VoP for multiple transfers submitted via file upload.
VoP – How to make the most of It? Whether you are the payer or the beneficiary of a payment, you play a key role in the effective operation of the VoP system.
As a payer:
- Ensure the recipient’s name you enter exactly matches the name on their bank account.
- Use the name shown on the Bank Identity Statement (RIB) of the account. If unavailable, use the name next to the IBAN on the invoice or payment request. When in doubt, ask the beneficiary for the correct name.
- To make things easier, update your list of saved beneficiaries regularly.
As a beneficiary:
- Provide your clients with the exact name of your bank account. Share your RIB or clearly write the account name next to the IBAN on your invoices and documents. Update documents as needed.
This also applies to person-to-person payments! Always give the sender the name that appears on your RIB along with your IBAN so they can transfer funds correctly.
FAQs
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VoP is mandatory for euro transfers initiated electronically or requested in person at a bank branch. Only TUP payments and payments initiated by letter, fax, or e-mail do not benefit from the additional security that VoP provides. Professional and institutional customers have the option to "opt out" of VoP in the case of multiple transfers submitted via file.
VoP is mandatory for euro transfers between payment accounts at banks in the eurozone starting October 9, 2025, and for all EU banks starting July 9, 2027.
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Yes. Make sure the beneficiary name you enter matches the name of the beneficiary’s account.
The valid name is the one on the Bank Account Details (RIB) of the beneficiary's account. If no RIB is available, refer to the name next to the IBAN on the invoice. When in doubt, ask the beneficiary for the correct name to use.
To make things easier, remember to update your list of saved beneficiaries!
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Yes. Payment recipients should ensure their invoices and other documents display the account name near the IBAN. The correct name is the one shown on the RIB of the account to be credited. If needed, please update/complete your invoices and other materials as soon as possible.
Note: This also applies to person-to-person payments! Always provide the account name from your RIB, along with the IBAN, to anyone sending you money.