Starting October 9, we will introduce the Verification of Payee (VoP) feature. This security check ensures that the recipient’s name is matched with the IBAN during transfers.
This way, you can be sure that your money goes to the correct person or company.
What is Verification of Payee?
For every transfer, the system automatically checks whether the entered recipient name matches the IBAN.
Name matches
The transfer is executed as usual.
Name slightly different
You will receive a notification and can decide whether you still want to proceed with the transfer.
Name does not match
You will receive a clear warning that the recipient name and IBAN do not belong together.
What does this mean for you from October 9?
All transfers will be automatically checked – this is mandatory for all new payments.
Enter the exact recipient name as registered with the recipient’s bank.
Minor deviations (e.g. umlauts or spelling differences) will usually only trigger a notification.
Good to know
You may need to adjust standing orders or saved recipients if the name and IBAN are not an exact match.
VoP increases security: input errors or fraud attempts can be detected more easily.