Verification of Payee is a security check that compares the IBAN and account name you enter against the payee’s actual bank records. It helps you avoid sending money to the wrong person or business and is now a regulatory service requirement that myPOS is required to provide for all SEPA transfers.
Who is implementing the Verification of Payee?
Banks, PSPs, and PISPs part of the Eurozone must allow payers to identify recipient before completing the transaction, ensuring accuracy by matching the payee's name with IBAN.
When does this happen?
Every time you make a SEPA Credit Transfer or a SEPA Instant Credit Transfer - whether it’s a single payment, a scheduled transfer, or part of a mass payment - we will automatically check the details before you confirm.
What results will I see?
- Match: Verified beneficiary – IBAN and name confirmed by the beneficiary’s bank.
- Close Match: The beneficiary name doesn’t fully match the one registered to the IBAN. Please review the details to ensure they are correct before continuing.
- No Match: The IBAN and beneficiary name don't match. The account may not belong to the intended beneficiary. Please review the details to ensure they are correct before continuing.
- Verification not possible: We’re unable to verify the IBAN and beneficiary name. The beneficiary’s bank may not support verification or didn’t respond.
Can I still send money if there’s no match?
Yes. The check will not block your transfer, but we strongly recommend you stop and confirm the details first. If you continue despite a warning, you may not be able to recover the funds if they go to the wrong account.
Does it cost me anything?
No. Verification of Payee checks are free of charge.
How does this benefit me?
- Reduces the risk of fraud and misdirect payments.
- It gives you greater confidence that your money is going to the right account.
- No disruption to existing payment flows
- For business accounts, both the official legal name and a recognized commercial/trade name can be treated as a match.