What is Beneficiary Name Verification (also referred to as Verification of Payee, or VoP)?
VoP is a service that allows you to check whether the name you entered for the beneficiary field (receiver) matches the actual account holder’s name before authorising a payment. This helps ensure that your money goes to the person or company you intend. To reduce the risk of human error when entering payment details, we provide a Verification of Payee service free of charge.
When does VoP apply?
Currently, VoP is not available for all payments. It applies only when:
The recipient’s payment service provider is based in an EU or Eurozone country.
The payment is made in euros.
What happens if the name of the recipient does not match?
VoP service has three possible outcomes:
Name matches. The name you entered fully matches the account holder’s name. We will process your payment once you authorise it.
Partial mismatch. The name you entered is slightly different (e.g., minor spelling differences). Before you authorise the payment, we will notify you and display the correct name. You can still proceed, but you will be fully responsible if the funds are sent to someone other than the intended recipient.
Full mismatch. The name you entered does not match the account holder’s name. We will warn you about the mismatch before authorisation. You may still proceed by accepting the mismatch, but you will be fully responsible if the funds are sent to someone other than the intended recipient.
