Verification of Payee (VoP) Definition.

A check that the payee name entered by the payer matches the actual holder of the IBAN, returning match, close match (with the closest name shown) or no match before the transfer is confirmed. It has been mandatory in the euro area since October 9, 2025 under the Instant Payments Regulation (IPR), for both instant and standard transfers. It is the main defense against fake bank details fraud and typos. The EPC has standardized the scheme and its interbank APIs.

See also

→ IPR→ Authorized push payment (APP) fraud→ IBAN

Where this term appears

GuidePayments in the Baltics and FinlandGuidePayments in Central and Eastern EuropeGuidePayments in Spain and PortugalGuidePayments in ItalyGuidePayments in SwedenGuidePayments in KenyaGuideB2B payments around the worldGuideMarketplaces and collecting payments on behalf of third partiesGuideOpen banking around the worldGuideWero and instant credit transfersGuideSEPA credit transfers and direct debitsGuideOpen banking and pay-by-bank

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