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  1. Supported Payment Methods

Verification of Payee (VoP)

What You Need to Know

Verification of Payee (VoP) is a name-and-IBAN check performed before a SEPA credit transfer is sent. It helps confirm whether the beneficiary name entered by the payer matches the account holder name associated with the provided IBAN, reducing misdirected payments and certain fraud scenarios. (European Central Bank)

Under Regulation (EU) 2024/886 (often referred to as the EU Instant Payments Regulation), VoP becomes mandatory for payment service providers:

How VoP Works

  1. The payer enters the beneficiary’s name and IBAN (and initiates a SEPA transfer, instant or standard).
  2. The payer’s PSP sends a VoP request to the beneficiary’s PSP (via the applicable scheme/API).
  3. A result is returned in seconds, and the payer can decide whether to proceed. (European Central Bank)

VoP Response Types

Typical results include:

  • Match: the beneficiary name matches the account holder name.
  • Close match: the name is similar (the payer may be shown a suggestion, depending on the PSP/channel).
  • No match: the name does not match.
  • Other / unavailable: the check could not be completed (e.g., technical issue or data not available). (European Central Bank)

Why VoP Matters

VoP helps:

  • Meet regulatory requirements (Euro area deadline 9 October 2025). (EUR-Lex)
  • Reduce fraud and misdirected payments by flagging discrepancies before funds leave the payer’s account. (European Central Bank)
  • Improve customer experience by adding clearer guidance at the moment of payment initiation. (Service Public)

Key Benefits

  • Stronger security: fewer successful “wrong beneficiary” transfers and some APP-style scenarios.
  • Greater trust: added reassurance that funds are going to the intended recipient.
  • Streamlined flow: near real-time checks designed to be minimally disruptive. (European Central Bank)

FAQ

Who is Lemonway, and why should its name be entered as the beneficiary? Lemonway is a payment institution authorised in France and supervised by the ACPR (Banque de France). For transfers to Lemonway-held accounts, the beneficiary name should be entered as “Lemonway” (as indicated by your platform).

Do I need to change how I make transfers? No. Use the bank details provided by your platform and enter the beneficiary name as instructed (typically “Lemonway”).

For VIBAN transfers, who should be listed as the beneficiary? For transfers to VIBAN accounts, the beneficiary name should be “Lemonway”, because the IBAN is registered under Lemonway’s name.

Sources





Updated 11 days ago