🆕 Verification of Payee (VoP): What You Need to Know

Verification of Payee (VoP)

Verification of Payee (VoP) verifies whether the beneficiary name entered for a bank transfer matches the IBAN on record. Under Regulation (EU) 2024/886, VoP becomes mandatory for all SEPA transfers (instant and standard) from 9 October 2025.

How VoP Works

The process is straightforward. First, the payer enters the beneficiary name and IBAN. The payer’s bank then requests confirmation from the beneficiary’s bank. Within seconds, a response is returned, after which the payer decides whether to proceed with the transfer. This process is designed to be fast and minimally disruptive to the payment flow.

VoP Response Types

• An exact match means the beneficiary name fully matches the account holder and the transfer proceeds.
• A partial match indicates the beneficiary name is similar but not identical, leaving the decision to the payer.
• No match means the names do not correspond and a warning is displayed.
• Verification failed indicates the check could not be completed due to a technical issue or missing data.

Why VoP Matters

VoP is important for several reasons. It ensures regulatory compliance from October 2025, reduces the risk of fraud and misdirected payments, improves operational efficiency by reducing payment blocks and delays, and enhances customer experience through clearer guidance and fewer support requests.

Key Benefits

The key benefits of VoP include stronger security, with reduced exposure to fraud and input errors; greater trust, ensuring funds reach the intended recipient; and a streamlined experience, with rapid and transparent verification built into the payment flow.

FAQ:

Who is Lemonway, and why should its name be entered as the beneficiary? Lemonway is a payment institution authorized in France and supervised by the ACPR (Banque de France). It safeguards transactions and ensures compliance. For transfers, the beneficiary name should be “Lemonway.”

Do I need to change how I make transfers? No. Continue using the bank details provided by your platform. Simply ensure the beneficiary is entered as “Lemonway.”

For VIBAN transfers, who should be listed as the beneficiary? For transfers to VIBAN accounts, Lemonway must be listed as the beneficiary, as the IBAN is registered under its name.