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How will you experience VoP in the Currenxie payment journey?

  • Updated

VoP will appear when you add a Eurozone beneficiary to your Currenxie account and when making a EUR payment to a beneficiary in Eurozone countries.

When VoP runs:

  • Adding a new beneficiary:
    • Individuals: After you click Continue on 'Add beneficiary,' VoP checks using Full Name + IBAN.
    • Corporates:
      • If the account supports a Registered ID and you add one, VoP uses Registered ID + IBAN.
      • If you skip a Registered ID, VoP uses Name + IBAN.
  • Making a EUR transfer:
    • After you click Continue on the 'Enter amount' page, VoP checks:
      • Individuals: Full Name + IBAN.
      • Corporates: Registered ID + IBAN (if provided); otherwise, Name + IBAN.
    • If the result is ‘Exact match’, you go straight to the review page.
    • For ‘Close match’ (Name + IBAN), ‘Doesn’t match’, ‘No matching account’, or ‘Not available’, you’ll see a warning before the review page and can cancel or continue.

VoP results and what to do:

Situation A: Name + IBAN (individuals and corporates using name)

  • Exact match:
    • You’ll proceed directly to the review page with a 'These details are correct.' note.
    • Recommended action: Continue as normal.
  • Close match:
    • You’ll see 'Name is a close match.' You can keep your original input or update to the bank’s suggested name.
    • Recommended action: Review and, if in doubt, confirm with your beneficiary before proceeding.
  • Doesn’t match:
    • You’ll see 'Name doesn’t match.' You can edit details or continue with your original input.
    • Recommended action: Double-check details with the beneficiary. Consider pausing the payment if you can’t confirm.

Situation B: Registered ID + IBAN (corporates using registered ID)

  • Exact match:
    • You’ll proceed directly to the review page with a confirmation note.
    • Recommended action: Continue as normal.
  • Doesn’t match:
    • You’ll see 'Registered ID doesn’t match.' You can edit details or continue.
    • Recommended action: Verify the registered ID with the beneficiary (e.g., LEI) before proceeding.

Situation C: Shared outcomes

  • No matching account is found:
    • A warning page will appear. This can occur for several reasons (e.g., account is closed or account does not exist).
    • Recommended action: Reconfirm details with the beneficiary before continuing.
  • Not available / service error:
    • We’ll notify you that verification isn’t available right now (e.g., timeout or service error).
    • Recommended action: You may continue or try again later; if urgent, reconfirm details out of band.

Best practices:

  • Use Registered ID for corporations where supported to improve matching certainty.
  • Treat ‘Close match’ and ‘Doesn’t match’ warnings as prompts to re-validate beneficiary details.
  • Maintain up-to-date beneficiary records to minimize warnings and delays.
  • Continue to apply your internal controls, especially for new or amended payment instructions.

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