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Verification of Payee

Outgoing Instant Payments and Verification of Payee are Live

 

You can now send SEPA Instant Credit Transfers from your PTSB payment account i.e. from your Current, Demand Deposit and Fixed Term Instant Access accounts. PTSB customers will be able to send SEPA Instant Credit Transfers through the PTSB app, Open24 Online Banking or by visiting any of our branches. This means you will be able to send Euro payments to payment accounts within 10 seconds, every day of the year.

SEPA Instant Credit Transfers on Business24 Online Banking will follow at a later date.

We’ve introduced VoP to help keep your payments safe. VoP will apply to SEPA Credit Transfers and SEPA Instant Credit Transfers and also when setting up new payees.

VoP on Business24 Online Banking will be coming at a later date.

 

How will VoP work?

We’ve introduced VoP to help keep your payments safe. VoP will apply to SEPA Credit Transfers and SEPA Instant Credit Transfers and when setting up new payees. This means that the name you enter will be checked against the name held by the receiving bank.

VoP on Business24 Online Banking will be coming at a later date.

Although VoP adds an additional layer of security, unfortunately fraud and scams are becoming increasingly sophisticated, please be vigilant when making payments and only send money to people you know.

After the VoP check is completed one of the following outcomes will be shown:

  • Match - The information provided is verified.
  • Partial Match - Some of the information matches.
  • No Match - The information does not match.
  • Not able to Process - Due to technical issue or system limitation, the check could not be completed. In this case, the status may appear as: 
    • Verification check not possible.
    • Verification cannot be performed.
    • Not offered.

You can find out more information on these statuses in our dedicated VoP questions and answers.

After this check, you will be given the option to continue with your payment or cancel it, or when setting up a payee you will have the ability to edit the name.  

 

To prepare for the introduction of VoP and to avoid delays in payment processing we recommend you take the following steps:

1. Confirm the name of your payees:

    • Confirm with your payees the exact name associated with their account, so you can make sure you have the correct name saved.
    • You can check the name you have saved on any existing payees in the “Transfer” section of your PTSB App or online banking.
    • If you need to update an existing payee name, you will need to delete the payee and set up a new payee with the correct name in the same section of your app or online banking.

2. Check the exact name associated with your account, to share with your payers:

 

 

Your Instant Payment and Verification of Payee questions answered

Explore easy to understand answers to the most commonly asked questions about Instant Payment and Verification of Payee. Find an answer.

 

Fraud warning: Always be vigilant when making payments and only send money to people you know. Never share any of your personal financial information (e.g. the full 6 digits of your  Personal Access Number (PAN). Should you identify a transaction on your statement that you have not authorised and which you suspect to be fraud, call our Fraud Department on +353 1 669 5851. Lines are open 24 hours a day, 7 days a week. Learn more about Fraud and Financial Crime.

 

SEPA stands for the Single Euro Payments Area. It is a system, run by the European Payment Council (EPC) that facilitates standardised and seamless euro payments.

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