Verification of Payee, also know as VOP, is a new security check on all SEPA payments and when you add a new payee for these payments. 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.
From 09 October, VoP will apply to SEPA Credit Transfers and SEPA Instant Credit Transfers and also when setting up new payees on the mobile app or desktop website and one off payment made through Sentenial UI. VoP on Business24 will be coming soon followed by Branch banking at a later date.
VoP helps you make sure your money is going to the right person or business. Under the SEPA Instant Payments Regulation, VoP needs to be completed when initiating new and existing outgoing SEPA Instant Credit Transfer and SEPA Credit Transfer payments.
We’ve introduced VoP to help keep your payments safe. It now applies to SEPA Credit Transfers and SEPA Instant Credit Transfers and also when setting up new payees on the mobile app or desktop website. This means that the name you enter will be checked against the name held by the receiving bank.
Although VoP adds an additional layer of security, unfortunately fraud and scams are becoming increasingly sophisticated, so 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:
Once you have reviewed the status returned to you, you can choose to proceed with the payment, amend the name and re-initiate the payment, or stop the payment.
Remember to be cautious when making any payment. The VoP service only verifies that the name of your payee matches with the name held with their bank or payments service provider.
It is important to check the information you are inputting with your payee and only proceed with the payment if you are confident that the account/payee is legitimate, especially where the VoP response indicates the payee details are not a match, as this may mean the payment may be sent to someone other than the intended payee.
If you decide to make a payment where the VoP response shows the payee details do not fully match or if the check cannot be done, we may not be responsible for any loss.
No. This is a verification step of the payee details only and will not prevent you from making a payment regardless of the VoP check outcome.
Please be diligent when making a payment, the VoP service only verifies that the Name and IBAN provided match those that are on record for the payee with their payments service provider.
No. This is a verification step of the payee details only and will not prevent you from setting up a new payee regardless of the VoP check outcome. If you receive a Partial Match, No Match or Not able to process, please verify the details with the payee before proceeding.
It is your responsibility to ensure the payee details you are transferring funds to are correct. If you proceed with a payment and the name you enter does not match the name on the account with the payee’s bank or payments service provider, we may not be able to recover the money.
We will on a best endeavours basis request a payment recall on your behalf, however we cannot guarantee the outcome of this request. Irrespective of the VoP results, if you choose to proceed with a payment the funds will be transferred to the IBAN within the payment details.
When making a payment to a joint account, VoP will tell you if the name you enter matches at least one of the account holders. We recommend you check the name(s) with the payee before continuing with the payment.
When making a payment to a business account, ensure that you checked that name on the account with the Payee. The name needs to be exactly as it appears on the account.
Yes, under SEPA Instant Payments Regulation for incoming SEPA Credit Transfers or SEPA Instant Credit Transfers, the payer’s payments service provider will verify the payee’s name on the payment against the name on your account with us. In the case of a partial match, we will provide them with the name and IBAN on your account.
When providing your bank details for receiving SEPA Credit Transfer and SEPA Instant Credit Transfer, always provide the name as it appears on your account.
Yes, under the SEPA Instant Payments Regulation, we are required to carry out VoP for all SEPA Credit Transfer and SEPA Instant Credit Transfer, as well as when setting up payments to payees with European Economic Area International Bank Account Numbers (IBANs).
No, there is no fee for VoP.
Existing saved payees will also be subject to VoP checks. If you get a “Partial Match” or “No Match” status you may have input a nickname, abbreviation or there may be a typo in your existing payees details. 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 on your account on your account statement. If you get postal statements please check your latest statement, or if you are registered for eStatements, you can find out how to view your latest eStatements.
Please be aware that there is an 18-character, this includes spaces, limit on our payee name field. You may receive a non-successful VoP response due to this limit, we are working on removing this limit. Please be diligent when making payments and confirm payee details with the payee.
It is your responsibility to enter the payee’s details correctly. Always check the details with the person or business you are paying and only continue if you are sure the information is correct.
If you decide to make a payment where the VoP response shows the payee details do not fully match or if the check cannot be done, we may not be responsible for any loss.
If you already have your Credit Card added as a payee, please check the name you have saved in the payee details. The name on your Credit Card payee details should be your own name that is on your Credit Card.
Example: If you have set the name on the payee as “PTSB Visa”, you will need to delete this payee and add a new payee with the name that is on your Credit Card.
