Verification of Payee

The payer initiates the payment by typing in the banking app the IBAN and the name of the receiver. The payer’s bank sends a VoP request to payee’s responding PSP. The responding PSP will answer back the name matching status:

• Match: the payer can authorize the payment
• No match
• Close match

In case of no match or close match, the liability and the decision are on the payer to proceed or not with the payment. The IBAN name checking is a process that takes less than a few seconds.   

PSPs have the freedom to not stick to the EPC name matching recommendation, but enhance them by for example including phonetic distance, nickname correlation, multilanguage management, alphabet conversion, synonym management etc. The Worldline solution has expended its name matching capability with a border control expert to maximise the number of close matches, without impacting the security.

Verification of Payee is one of the measures part from the Instant Payment Regulation (IPR) that keeps payers safe from possible fraud in real-time payments, like APP (Authorized Push Payments) fraud. This is the reason banks in the Eurozone will need to become VoP compliant until 9^th of October 2025 and make IBAN name-checks prior to authorizing SEPA Credit Transfer.

 In order to assure safe SCT inst, we are leveraging an industry-renowned partner specialized in border control and onboarding for our VoP solution. This advanced name-matching algorithm assures the accuracy of the name check and maximizes the number of executed SCT inst.