VoP - FAQs

Verification of Payee (VoP) is a regulatory requirement for SEPA countries that verifies whether the IBAN entered for a bank transfer matches the provided account holder name.

VoP helps ensure your money goes to the right person or business by verifying that the name on the account matches the name associated with the IBAN you enter when sending a payment.

What will I experience when I attempt to make a withdrawal or send money using an IBAN?

You’ll experience when you attempt to make a withdrawal or send money using an IBAN:

Exact match - The name matches, and the payment will be processed.

Close match - The name is similar but not exact. You may choose to proceed or return and enter the payee details again.

No match - The name does not match. Once again, you may choose to proceed or return to input the correct payee details.

Verification not possible – The VoP service is not applicable to the IBAN that was entered, this may not be a valid IBAN or an issue with your bank.

If the names don’t return an exact match or the service is unavailable, you may continue. However, if the funds are sent to another person’s account, we may not be able to recover them for you.

What happens if the name and IBAN match?

The payment will be processed without notifying you that the IBAN is a perfect match, and you will see the message “Withdrawal submitted”.

What happens if the name and IBAN are a close match?

If the name associated with the IBAN does not exactly match the one you entered, you’ll see a warning message:
“The account name is slightly different. Please check the details carefully — we might not be able to recover the money if it’s sent to the wrong account.”

We will also display the name obtained from the close match so you can verify it.

You’ll then have two options:

• No, go back (to correct the details)
• Yes, continue (to proceed with the transaction despite the mismatch)

* If you go ahead with a payment where the payee name does not match, it may go to the wrong payee. We may not be able to recover the money if this happens. Mifinity will not be liable for any loss.

What happens if the name and IBAN do not match?

If the name you entered does not match the account linked to the IBAN, you’ll see a warning message:
“The account details don’t match. The name you entered does not match the account linked to this IBAN. Please check the details carefully — we might not be able to recover the money if it’s sent to the wrong account.”

You will then have two options:

• No, go back (to correct the details)
• Yes, continue (to proceed with the transaction despite the mismatch)

* If you go ahead with a payment where the payee name does not match, it may go to the wrong payee. We may not be able to recover the money if this happens. Mifinity will not be liable for any loss.

What happens if Mifinity cannot confirm that the details match?

If we  cannot verify the bank account details, you’ll see a message:
“The Bank Account Verification Failed. It was not possible to check the bank account details. Please check the details carefully — we might not be able to recover the money if it’s sent to the wrong account.”

You will then have two options:

• No, go back (to review and correct the details)
• Yes, continue (to proceed with the transaction despite the verification failure)

Note: You may see this more often as different banks are setting up their VOP service at different times. If the payee’s bank has not set up VOP, it will not be possible for us to confirm the payee’s details before you make the payment.

* If you go ahead with a payment where the payee name does not match, it may go to the wrong payee. We may not be able to recover the money if this happens. Mifinity will not be liable for any loss.

What happens if I make a payment to the wrong account?

If you proceed with a payment and the name you enter does not match the name associated with the IBAN, we may not be able to recover the money. And we will not be liable to you for any losses.

Making a payment to a joint account

If you’re making a payment to a joint account, VOP will tell you if the name you enter matches at least one of the account holders. We advise you to check the name with the payee, before continuing with the payee or payment.

Is it mandatory to complete Verification of Payee (VOP)?

Yes, under the SEPA regulation, we must carry out VOP for all SEPA payments and SEPA Instant payments

When can I submit a Verification of Payee (VOP) request?

When you add a payee or make a SEPA payment or SEPA Instant payment, we will check that the name of the payee you have entered matches the IBAN you have included, before you authorise the payment.

Is it important that people have my correct account details?

Yes. This means the correct IBAN and your full and correct name (not a nickname) or the legal or trading name of your business. Remember to let payers know if your details change.

Is it important that I have the correct account details for people I want to pay?

Yes. This means the correct IBAN, and the full and correct name (not a nickname) or the legal or trading name of the business. Check that the request for payment is genuine. Confirm the details directly with someone you know and trust.