The Verification of Payee Scheme, or VoP as it is abbreviated, is a fraud prevention measure designed to protect you from scams and mistakes, when making money transfers through the myAncoria app or internet banking in the SEPA Zone. With this measure, the bank ensures that the payment is sent to the correct person by verifying their details before the transaction is processed.
How it works:
You first enter the IBAN and account name of the recipient. The VoP then checks the payment details in real time, against the beneficiary’s bank records. After the check is complete, there are four possible outcomes:
- Full match: The beneficiary’s bank will verify that the beneficiary’s name fully matches the IBAN that you entered in the payment order. In this case we will offer you the option to proceed immediately with the approval of the execution of the payment.
- Close match: The beneficiary’s bank will inform us that the beneficiary’s name almost matches the IBAN that you entered in the payment order. We will inform you accordingly in such a case.
- No match: The beneficiary’s bank will inform us that the beneficiary’s name does not match the IBAN that you entered in the payment order. We will inform you accordingly in such a case.
- Not possible to check: In the case where the verification of the payee will not be possible, we will inform you accordingly.
In the cases of almost match, no match or not possible to check, a notification will appear asking you if you wish to proceed. Have in mind that your decision to proceed with the transfer, despite our notification, may result in the transfer of funds to a payment account that does not belong to the intended beneficiary.
Why it matters:
- Prevents fraud: Protects you from criminals who are trying to trick you into sending them money to the wrong account.
- Reduces errors: Ensures your SEPA transfers reaches the right person, minimizing the risk of misspelled names.
If you have any questions or simply need some help
Frequently Asked Questions
Does the Verification of Payee apply only to SEPA and SEPA Instant transfers?
Yes, the VoP applies only to SEPA credit transfers and SEPA Instant credit transfers.
Does the Verification of Payee apply to Swift transfers?
No, the Verification of Payee does not apply to SWIFT transfers.
What should I do if I get the “No match” notification?
We advise you to cancel the transfer and confirm the details with the payee through a trusted channel and only continue once you are certain.
What if the recipient’s bank doesn’t support VoP?
In this case you will not see a result match. You should be extra careful and double check all the details through trusted channels before making money transfers.
What is SEPA?
You can find more information about what is SEPA here.
How can I stay protected from financial scams?
You will find more information on how to stay protected from financial scams here.
Where can I find the Terms and Conditions?
You can find the Terms and Conditions here.
