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Verification of Payee

Instant Payment and Verification of Payee are coming.

From 09 October 2025, you will be able to send instant payments from your payment accounts. To help you keep your money safe, we’re also introducing a new Verification of Payee security check, also known as VoP on all SEPA payments.

  • SEPA Instant Credit Transfers: Since January 2025, you have been able to receive incoming SEPA Instant Credit Transfers to your payment account. From 09 October 2025, you’ll be able to send outgoing SEPA Instant Credit Transfers from your PTSB payment account. This means you will be able to send euro payments to payment accounts within 10 seconds, every day of the year.
  • Verification of Payee (VoP): There will be a new security check on all SEPA payments called Verification of Payee. This checks the name you enter for the payee against the name held by the receiving bank and tells you if the name matches or not. This helps you make sure your money is going to the right person or business.

 

How will VoP work?

VoP will occur automatically and check the name you enter for the payee against the name held by the receiving bank when making SEPA Credit Transfers and SEPA Instant Credit Transfers, as well as when setting up new payees.

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.

There will be four possible status outcomes following this check:

  • Match
  • Partial Match
  • No Match
  • Not able to Process, with sub statuses of: 
    • 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 payees to the “Transfer” section in your mobile app or online banking, where you will see a list of payees.
    • If you need to update a payee, you can 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 code. 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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