At ZEN.COM, your security is our top priority. That's why we're introducing Verification of Payee (VoP), a new feature designed to protect you from one of the most common types of payment fraud.
What is Verification of Payee (VoP)?
Verification of Payee (VoP) is a security check that happens when you set up a new payee or edit an existing one's details for a SEPA or SEPA Instant Transfer. Before you send money, it checks if the recipient’s name matches the account number. Think of it as a “name check” for bank accounts, helping to ensure your money reaches the right person.
How does Verification of Payee protect you?
VoP helps prevent two main types of mistakes and fraud:
- Misplaced Payments: It stops you from accidentally sending money to the wrong person if you make a typo in the account number.
- Authorised Push Payment (APP) Fraud: It protects you from scammers who pretend to be a legitimate business (like your builder, solicitor, or even family member) and give you false bank details. VoP will alert you if the name doesn't match, stopping you from sending money to a fraudster.
What happens when I add a payee?
When you add a new payee or change details for an existing one, we will automatically perform a VoP check. You will see one of four clear results:
- ✅ Match Confirmed: The name and the account number you provided belong to the same person. You can proceed with the payment with confidence.
- ⚠️ Close Match: The name is similar, but not an exact match (e.g., “Jon Smith” vs. “Jonathan Smith”). We will show you the actual name on the account. Please double-check the details with your payee before sending money.
- ❌ No Match: The name you entered, and the account number do not match. Do not proceed with the payment. Please contact your payee directly using a known, trusted method to confirm the correct details.
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Cannot Verify: We were unable to perform a verification check for this payee. This typically happens because the recipient's bank is not yet participating in the VoP system. Right now, VoP is mainly used by banks in the eurozone, and not all financial institutions are required to support it yet.
If you see this result, you can still proceed with the payment, but we recommend you to be extra cautious. Always confirm the bank details directly with your payee using a trusted method before sending funds.
Scope of VoP
Please note that the Verification of Payee (VoP) functionality applies only to SEPA and SEPA Instant Transfers. It is a regulatory requirement that is being rolled out across the European payments landscape, starting with eurozone countries. This means that not all banks, especially those outside the euro area, are connected to the system yet, which is why you might encounter the Cannot Verify status.
Your responsibility
While VoP is a powerful tool, it works with the information you provide. For your safety, always ensure you enter the correct payee name and account number. If you receive a “Close Match”, “No Match”, or “Cannot Verify” result, it is crucial that you verify the details with your payee before sending any funds.
Safer financial world
This new feature is part of a broader regulatory initiative to make the entire banking ecosystem safer for everyone. By working together and using tools like VoP, we can significantly reduce payment fraud. Thank you for trusting ZEN.COM!