VoP
ServicesVerification of Payee
Definition
Verification of Payee (VoP) is the EU equivalent of the UK's Confirmation of Payee. It is an IBAN-name check that allows a payer to verify the name linked to a payee's account before sending a payment. The EU Instant Payments Regulation mandates that payment service providers offer VoP to help prevent misdirected payments and authorised push payment (APP) fraud.
Related Terms
CoP
Confirmation of PayeeConfirmation of Payee (CoP) is a UK service that lets a payer check the name of the recipient accoun...
APP Fraud
Authorised Push Payment FraudAPP fraud is where victims are tricked into sending funds from their bank account to a fake or fraud...
PIS
Payment Initiation ServicesPayment Initiation Services are services that allow a third-party provider to initiate payments from...
Instant Payments
Instant Payments / Real-Time PaymentsInstant Payments are electronic payments that are processed, cleared, and settled within seconds, 24...
Frequently Asked Questions
What is Verification of Payee?
Verification of Payee (VoP) is the EU equivalent of the UK's Confirmation of Payee. It is an IBAN-name check that allows a payer to verify the name linked to a payee's account before sending a payment. The EU Instant Payments Regulation mandates that payment service providers offer VoP to help prevent misdirected payments and authorised push payment (APP) fraud.
What does VoP stand for in Open Banking?
VoP stands for Verification of Payee. It is a fundamental concept in Open Banking and PSD2 regulations. Verification of Payee (VoP) is the EU equivalent of the UK's Confirmation of Payee. It is an IBAN-name check that allows a payer to verify the name linked to a payee's account before sending a payment. The EU Instant Payments Regulation mandates that payment service providers offer VoP to help prevent misdirected payments and authorised push payment (APP) fraud.
More Services Terms
PIS
Payment Initiation ServicesPayment Initiation Services are services that allow a third-party provider to initiate payments from...
AIS
Account Information ServicesAccount Information Services allow third-party providers to access account data (such as balances an...
Sweeping
Sweeping is the automated movement of a customer's funds between two accounts in their name, such as...
VRP
Variable Recurring PaymentsVariable Recurring Payments let customers safely connect authorised payments providers to their bank...
Instant Payments
Instant Payments / Real-Time PaymentsInstant Payments are electronic payments that are processed, cleared, and settled within seconds, 24...
CoF
Confirmation of FundsConfirmation of Funds is a service that allows a CBPII to request confirmation from an ASPSP that su...
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