Verification of Payee (VoP) — Payee Verification

Verification of Payee (VoP) is a verification service that checks whether the payee’s name and IBAN match each other before a payment is initiated. The aim is to reduce the risk of sending to the wrong account and of fraud (especially fake-invoice/APP fraud).

How does it work?

The payer enters the payee’s name and IBAN. The VoP service checks whether these details match and reports the result:

• Match: The name and IBAN are consistent.
• Partial match: Similar but not exact (a suggestion may be offered).
• No match: A mismatch; the payer is warned.

Why does it matter?

Even if an IBAN is structurally valid, it may belong to the wrong person. VoP goes beyond structural checks such as IBAN validation and tries to confirm whom the payment is going to.

The availability of VoP varies by bank and region. The result is a suggestion; the final decision rests with the payer.