Verification of Payee (VoP) service

This service allows the Payer to verify whether the name of the Payee matches the name associated with the Payee’s payment account. The VοP service is not applicable for Euro Credit Transfers executed via SWIFT including cross border Credit Transfers or other Euro Credit Transfers not covered by SEPA or Instant Credit Transfers.

The VoP service shall be made available by the Bank prior to the execution of a SEPA Credit Transfer and/or an Instant Credit Transfer through Internet & Mobile Banking App and through a Branch.

The aim of the VoP is to ensure that before the payment is authorised, a verification check takes place whereby the recipient's IBAN and name are forwarded to the recipient bank for verification. The bank will verify that the name matches the account and then reports back to the commissioning bank. Fundamentally, VoP is a comparison of whether the payee's IBAN and name correspond to the information stored with the recipient bank. The test result (VoP Status) must be known by the payer before authorisation.

No, the VoP service will be offered by the Bank free of charge.

Legal entities may opt out of the VoP service when submitting multiple Payment Orders in Euro.

The reasons for 'Not possible to perform VoP' are the following: 

• Beneficiary bank not reachable/does not (yet) support VoP.
• Technical issues.
• Beneficiary account may be closed/not found.