VERIFICATION OF PAYEE (VOP)

From 9th October 2025, new services are being introduced across Ireland and the eurozone to make sending money faster, safer and more convenient for everyone.

These changes are part of the EU’s Instant Payments Regulation. Since January 2025, all providers have been required to receive SEPA Instant payments. From 9th October 2025, they must also allow customers to send them.

This new security feature is called Verification of Payee (VOP) and is part of our ongoing efforts to protect you from fraud and give you greater confidence when making payments.

Take a moment to watch the short video above which explains how Instant Payments and Verification of Payee (VOP) will work.

What is Verification of Payee?
Verification of Payee is a fraud-prevention service that checks whether the account name you enter when setting up a payment matches the name on the recipient’s (person you are sending to) bank account. This extra layer of security helps ensure that your money is going to the right person or business.

When is this happening?
Starting from 9th October 2025, when you initiate a payment—whether online, through a mobile app, or in office—your Credit Union will verify that the recipient's name matches the account number (IBAN). This real-time check aims to reduce fraud and prevent misdirected payments.

Instant Payments (SEPA Instant)

  • Send and receive euro payments in under 10 seconds
  • Available 24/7, 365 days a year
  • Works across the eurozone
  • No more waiting days for transfers

Verification of Payee (VOP)

  • A new name-checking service for all SEPA payments
  • Checks the account name you enter against the bank records of the recipient
  • Helps protect against fraud and misdirected payments

How It Works:

  1. When you set up a payment:
    You enter the recipient’s name, IBAN/account number, and bank details.
  2. The system checks whether the name matches the account at the receiving bank.
  3. You get one of three possible results:
    o ✅ Match – The name and account number match.
    o ⚠ Close Match – The name is similar; you are advised to doublecheck.
    o ❌ No Match – The name does not match the account; you are warned before proceeding.

Benefits:

  • Helps prevent fraud (e.g. invoice redirection scams)
  • Reduces misdirected payments due to typos
  • Gives you greater confidence before sending money

Existing Saved Payee's:

  • Check the payee's you already have saved on your online banking
  • Amend the names and details to match the payees account details
  • Amend any abbreviated names to the correct full name of the payee as per their bank account name

There will be no need to install extra apps, as the additional functionality will be available in your online or mobile banking access to allow you to send and receive euro payments across the Single European Payments Area (SEPA Zone) in under 10 seconds. You can send and receive payments instantly at any time including weekends.

We welcome you to watch the following video from the Banking & Payments Federation Ireland (BPFI) Youtube Link to BPFI Video

You can find a full list of Questions and Answers by following the links provided: FAQ& https://bpfi.ie/payrightnow/verification-of-payee-vop/