Verification of Payee (VoP)
An extra layer of protection for your payments
As part of new EU regulations, we’re introducing Verification of Payee (VoP). This is a new feature that checks the name and account number (IBAN) of the person or business you’re paying.
This additional level of due diligence for payments forms part of new legislation from the European Payments Council (EPC) and will help to reduce fraud and misdirected payments, helping to ensure your payments get sent to the right place.
Confirmation of Payee helps to:
- Enhance protection against fraud - By verifying the account name matches the IBAN before a payment is sent, the risk of impersonation scams is significantly reduced.
- Reduce the possibility of misdirected payments - Often, a common cause of failed payments is the accidental input of incorrect account details. By providing a real-time check, VoP enables you to catch errors before payments are processed.
- Real-time verification - Verification of a match is instant, meaning you have confidence in your payment, without a delay in the process.
Our VoP service is easy to use and integrates seamlessly with your existing payment processes. Whether you are a business making regular payments to suppliers or an individual sending money to family and friends, VoP helps to safeguard your transactions.
How CoP works
Verification of Payee (VoP) is a real-time name-checking service that helps ensure your payment is going to the correct person or business. It works by comparing the name and IBAN you enter with the official account details held by the recipient’s bank.
When you select a recipient’s name and IBAN from your Moneycorp Online account, a VoP check is automatically triggered before the payment is processed and a real-time response will be generated. The response will be either:
- Match – The name and IBAN match, and you can proceed with confidence.
- Close match – The name is similar but not exact. We’ll show you the registered name to help you decide how to proceed.
- No match – The name and IBAN do not match. You’re still able to proceed with your payment, but the ‘No match’ warning will be issued.
- Unable to verify – In some cases, a match result may not be available. This could be for a few reasons, for example: the recipient’s bank is not part of the VoP scheme. You can still proceed with the payment if you wish.
Based on the result of the VoP check, you can either proceed with the payment or cancel the payment.
Frequently Asked Questions (FAQs)
What is Verification of Payee (VoP) ?
Verification of Payee is a name-checking service that confirms whether the name you enter when making a SEPA payment matches the name registered to the recipient’s bank account (IBAN). It helps prevent fraud and EUR SEPA payment errors.
Why is VoP being introduced?
From October 2025, VoP will be introduced as part of new EU legislation to improve the safety and accuracy of electronic payments. It aims to reduce fraud, especially impersonation scams, and to prevent payments being sent to the wrong account.
How does VoP work?
When you enter a recipient’s name and IBAN, we send a secure request to the recipient’s bank to verify the details. You’ll receive a real-time response indicating whether the name matches, is a close match, or does not match.
What happens if the name doesn’t match?
If the name and IBAN do not match, you’ll receive a warning. You can then choose to:
• Proceed with the payment (at your own risk). We may not be able to recover the money if you door
• Cancel the payment.
Can I opt-out of VoP?
For the majority of our clients, Verification of Payee is a mandatory requirement under the EU Instant Payments Regulation. All payment service providers in the European Economic Area (EEA) are required to implement it for EUR SEPA payments.
While you can choose not to proceed with a payment if the name doesn’t match, the verification process itself cannot be disabled or opted out of.
Will this delay my payments?
No. The verification happens in real-time and does not delay the payment process.
Does this apply to all payments?
VoP currently applies to EUR SEPA Credit Transfers (SCT).
Does VoP apply to payments I make over the phone or email?
Yes, the VoP checks will be performed for payments made over the phone or email. We will reach out to you with the result of the checks and give you the option to proceed or cancel the payment.
Do I need to do anything to prepare?
To ensure a smooth verification process, we recommend ensuring the name and IBAN you enter for each payment is accurate and up to date.
What if the recipient’s bank doesn’t support VoP yet?
In some cases, we may not be able to verify the payee details if the recipient’s bank has not yet implemented VoP. You’ll be informed if verification is not possible, and you can still proceed with the payment if you wish.
Is this service mandatory?
Yes. Under the EU Instant Payments Regulation, all payment service providers including EMIs in the European Economic Area (EEA) are required to implement VoP for relevant payment types.
Where can I go to get more support?
If you encounter any issues, such as a system problem or an unrecognised account reference, please double-check the account details with the person or business you are trying to pay. If the issue persists, contact our support team for assistance.
