?> Skip to main content

Verification of Payee (VoP)

What is Verification of Payee (VoP)?

The introduction of the Verification of Payee (VoP) service on 9 October 2025 will enhance the security of your euro transfers within the SEPA zone1. Its implementation is part of a broader effort by the European Commission2
to further secure payments within the European Union. This service will improve the fight against fraud (e.g. identity theft, transfers to fake suppliers) and reduce transfer errors due to incorrect entries.
 

Verification of Payee: how does it work?

When you enter a transfer, and before it is executed by your bank or payment service provider, VoP will automatically verify in real time that the beneficiary details entered (name and IBAN) match those held by the beneficiary's bank. For each transfer, you will receive a message such as:
  • ‘Match’: if the details match. You can then confirm your transfer as entered.
  • ‘No Match’: if the details do not match. You should then check the transfer details.
  • Close Match’: in the event of a partial match. You will receive a message with the proposed name of the beneficiary.
  • ‘Verification not possible’: if the verification service could not be performed for a technical reason, for example.

In the event of a mismatch (“No Match”) or partial match (“Close Match”), you can still decide to confirm the transfer without making any changes. In this case, you will be liable for any incorrect execution.

 

To avoid any risk, we recommend that you:

  • Do not validate the payment immediately.
  • Contact the beneficiary of the transfer directly via a verified channel (known telephone number, official website, certified email) to confirm their bank details.

For business or institutional customers, there is the option to opt out of the beneficiary verification service in the case of multiple transfers sent via file.

How can you take full advantage of this new system?

Whether you are the payer or the beneficiary of a payment, you play an essential role in the proper functioning of the VoP system.
 
 
As a payer:
  • Make sure that the beneficiary name you enter matches the name on the beneficiary's bank account.
  • Use the name on the account's bank details (RIB). If this is not available, use the name shown next to the IBAN on the invoice or payment request. If in doubt, ask the beneficiary for the correct name to enter.
  • To make things easier, consider updating the names in your list of registered beneficiaries today.
As a beneficiary:
  • Provide your customers with the exact name that corresponds to your bank account (company name). Share your bank account details (RIB) or clearly write the name associated with the account next to the IBAN on your invoices and documents. Update your documentation (e.g. invoices) if necessary.
 

Points to note

The use of aliases, trade names, abbreviations or acronyms may result in a mismatch or partial match and trigger an alert message.
 
Examples:
  • ‘Magasin Dupont’ (trade name) vs ‘Holding Solutions SARL’ (company name) = ‘no match’
  • ‘Dupont SARL’ vs ‘Dupont Solutions SARL’ = ‘close match’
Differences in capitalisation and punctuation will not have any impact.
 
 
 

1The list of SEPA member countries is available here: https://www.europeanpaymentscouncil.eu/document-library/other/epc-list-sepa-scheme-countries

2 The introduction of the Verification of Payee service is planned as part of EU Regulation 2024/886.

 

Where to find us

Raiffeisen has branches all over Luxembourg so you will be able to find a branch or ATM wherever you are.

Documents to download

Any questions?

We are here to answer your questions and can put you in contact with the right people depending on your requirements.