What is Verification of Payee (VoP)?
Verification of Payee (VoP) is a new safety measure designed to protect you when you send money. Think of it as an extra check to make sure your payment goes to the right person or business and not to a scammer or to the wrong account by mistake.
When you set up a new EUR beneficiary based in a EU/EEA country from Ebury Online, we check the name on the account of the person or organisation you intend to pay against the details you've provided. If there's a discrepancy, we will caution you. This robust process helps prevent misdirected payments and combat certain types of payment fraud, such as authorised push payment (APP) scams.
VoP is a step toward improving payment safety, as financial institutions try to ensure that customers have the necessary information to avoid sending payments to the wrong account, whether by mistake or due to fraudulent activity.
How does Ebury help you avoid fraudulent transactions when making EUR payouts to the beneficiaries in the SEPA area?
Ebury has integrated the Verification of Payee (VoP) service to enhance the security of your transactions by allowing you to verify the beneficiary's name against their bank account details.
Before making a transaction from Ebury Online we will complete the Verification of Payee (VoP) check, and a message will appear at the top of the page. This process can return one of four outcomes:
Match: If the account name you provided correctly corresponds with the records, you will receive confirmation that the details align, and you can securely proceed with the transaction.
Close Match: If the name entered is similar to the account holder's name, you will be shown the actual name of the account holder to verify. You can then correct the information and attempt verification again, or reach out to the payee to confirm their details.
No Match: If the wrong account holder's name was provided, you will be notified that there is no match. In this case, you are advised to get in touch with the intended payee to obtain the correct details.
Unavailable: This result occurs if the name cannot be checked, such as when the account doesn’t exist.
Opt in/out of Verification of Payee
You cannot opt out of Verification of Payee (VoP) for inbound transactions. This means your Ebury EUR account details will always be verified when others pay you.
If you previously opted out of beneficiary verification for your outbound payments, you have the option to opt back in at any time.
If you still wish to opt out, please complete and return the VoP Opt-out form to us by email at operationsteam@ebury.com. We will respond within 30 days.
If you have previously opted-out of VoP, you can choose to opt back in. To do so, please complete and return the VoP opt-in form to us by email.
Please note: Only corporate clients can opt out of VoP, and only for multiple payments (e.g., via CSV files or API mass-payments endpoint).
Need help?
For any questions, please contact Ebury support directly via live chat or at the below email addresses:
EMEA (operationsteam@ebury.com)
Asia Pacific (operationsteam.apac@ebury.com)
America (operationsteam.ca@ebury.com)