What is Verification of Payee (VoP)?

Verification of Payee (VoP) is a security feature designed to help you make payments with greater confidence.

When you create a new beneficiary or make a SEPA payment, we check whether the beneficiary name you entered matches the account holder's name linked to the IBAN.

This helps reduce the risk of sending money to the wrong person due to typing mistakes or incorrect account details.

This check will also be available when sending a payment internally to another Moneybase account.

What results can I see?

After the check is completed, you may see one of the following results:

Match

The beneficiary name you entered matches the account holder's name registered with the receiving bank.

You can proceed with confidence that the details appear to be correct.

Close Match

The name you entered is similar to the account holder's registered name, but there are some differences.

 This could happen due to:

• Spelling variations
• Missing middle names
• Abbreviations
• Business trading names

When there is a close match, we will show you the actual registered name so you can review the details before proceeding.

We recommend reviewing the beneficiary details carefully before proceeding.

No Match

The name you entered does not match the account holder's registered name.

Before proceeding, you should verify the beneficiary's details to ensure the payment is being sent to the intended recipient.

Will my payment be blocked?

No. Verification of Payee does not prevent you from making a payment.

The result is provided to help you make an informed decision before submitting the transfer.

When is Verification of Payee available?

Verification of Payee checks are currently available for payments made to IBANs within the SEPA region where the receiving bank supports the service.

What happens if a check cannot be completed?

In some situations, a Verification of Payee check may not be available. For example:

• The receiving bank does not support Verification of Payee
• There is a temporary connectivity issue
• You are offline when attempting to create the payment

If a check cannot be completed, you may still be able to proceed with the payment.