Verification of Payee (VoP) is a name-checking service that verifies the account details of beneficiaries in Eurozone countries when making EUR payments. It helps prevent misdirected payments and common fraud scenarios by confirming whether the name or registered ID aligns with the IBAN before you proceed.
Why it matters
- Reduces misdirected payments from typos or outdated details
- Helps protect against common fraud scenarios
- Ensures confidence when sending Euro transfers