What is Verification of Payee (VoP)?
The Verification of Payee (VoP) scheme is an anti-fraud and payment accuracy initiative developed to ensure that the name of a bank account holder matches the account details (such as IBAN) provided by someone making a payment.
It is designed to protect consumers and businesses from Authorised Push Payment (APP) fraud, prevent accidental misdirected payments (typos, wrong details) and increase trust and transparency in bank-to-bank transfers.
The VoP scheme was developed by the European Payments Council (EPC) in response to the European Union's Instant Payments Regulation, which made it a regulatory obligation for Payment Service Providers (PSPs) to offer a verification service to their customers for SEPA payments.
A VoP check will be performed on every withdrawal if it meets all the following criteria:
• You are a client on our FreemarketFX Ireland platform and use the Customer Portal.
• The withdrawal is in Euro, and
• The bank account country is within the EU/EEA SEPA country list
How does it work?
- Upon inputting details of a new beneficiary or selecting an existing beneficiary for your Euro payment, a “Check Beneficiary” button will now be available to you:
The payment cannot proceed without first doing a VoP check by clicking on this button.
- A real-time check is then performed via the VoP network and a response result is presented back to you:
a. Match found
b. Close match found
c. Unable to match
d. No match found
e. Technical error
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If a match is found, you can continue with the withdrawal. If you receive any of the other responses, you can choose to either:
a. Click “Yes” to acknowledge the VoP result and continue with the withdrawal or,
b. Click “No” and the pop up will disappear and you will be returned to the withdrawal screen. You can then either amend the beneficiary details and click on the “Check beneficiary” button again or exit the withdrawal.
If you have any questions or issues with Verification of Payee (VoP), please do not hesitate to contact our team via: [email protected]