Business On Line SEPA Instant

Verification of Payee (VOP) FAQs

Please check this page for future updates.

• What is Verification of Payee (VOP)?

  VOP is a new security step in the payment process for all SEPA payments and SEPA Instant payments. VOP will check with the receiving bank that the name you enter matches the name of the person or business associated with the IBAN. It will do this when you add a payee or make a payment. This will help you to avoid paying the wrong person or business.

• What happens if the name and IBAN match?

  If the name and IBAN match, you’ll see a message on screen confirming this.

• What happens if the name and IBAN do not match?

  If the name you typed in does not match the IBAN, you’ll see a ‘Payee name does not match’ message on screen. We advise you to check the name with the payee before continuing with the payee or payment.

  We advise you not to add a payee, make a SEPA payment, or make a SEPA Instant payment, until you have checked the account details and are certain they are correct and that the request for payment is genuine. Do not go ahead with a SEPA payment or SEPA Instant payment, if the name you enter does not match the name associated with the IBAN. We may not be able to recover the money if you do. And we will not be liable to you for any losses.

• What happens if the name and IBAN are a close match?

  If the name you typed in is a close match to the one on the account, but not exactly the same, you’ll see a ‘Payee Name does not match exactly’ screen and the correct name associated with the account. We advise you to check the name with the payee before continuing with the payee or payment.

  We advise you not to add a payee, make a SEPA payment, or make a SEPA Instant payment, until you have checked the account details and are certain they are correct and that the request for payment is genuine. Do not go ahead with a SEPA payment or SEPA Instant payment, if the name you enter does not match the name associated with the IBAN. We may not be able to recover the money if you do. And we will not be liable to you for any losses.

• What happens if Bank of Ireland cannot confirm that the details match?

  If for any reason we’re unable to confirm that the name and account details match, you’ll see an ‘Unable to check Payee Name’ message on screen. We advise you to check the name with the payee before continuing with the payee creation or payment.

  We advise you not to add a payee, make a SEPA payment, or make a SEPA Instant payment, until you have checked the account details and are certain they are correct and that the request for payment is genuine. Do not go ahead with a SEPA payment or SEPA Instant payment, if the name you enter does not match the name associated with the IBAN. Do not go ahead with a SEPA payment or SEPA Instant payment, if the financial institution you are paying to fails to respond to our request. We may not be able to recover the money if you do. And we may not be liable to you for any losses.

• What happens if I make a payment to the wrong account?

  If you proceed with a payment and the name you enter does not match the name associated with the IBAN, we may not be able to recover the money. And we will not be liable to you for any losses.

• Making a payment to a joint account

  If you’re making a payment to a joint account, VOP will tell you if the name you enter matches at least one of the account holders. We advise you to check the name with the payee, before continuing with the payee or payment.

• Receiving SEPA Payments

  When providing your bank details for receiving SEPA payments, always provide your full and correct name (not a nickname) or the legal or trading name of your business.

• Is it mandatory to complete Verification of Payee (VOP)?

  Yes, under the SEPA regulation, we must carry out VOP for all SEPA payments and SEPA Instant payments. If you use the bulk file service, you will be able to opt out of VOP (for bulk files only).

• Will VOP be completed for bulk file payments?

  As VOP is a pre-payment authorisation process, we will provide you with a bulk file solution. We will give you a mechanism to carry out a VOP check on your bulk files, before you submit them for payment.

  If you use the bulk file service, you will be able to opt out of VOP (for bulk files only), if you want to. We will explain how to do this in advance of the VOP launch. If you have opted out of VOP and make a SEPA payment/SEPA bulk file payment or SEPA Instant payment/SEPA Instant bulk file payment, and the payment reaches the wrong payee, we may not be able to recover the money. And we will not be liable to you for any losses.

• When can I submit a Verification of Payee (VOP) request?

  When you add a payee or make a SEPA payment or SEPA Instant payment, we will check that the name of the payee you have entered matches the IBAN you have included, before you authorise the payment. You can use the Business On Line VOP solution to check the names of payees in a bulk payment file, or to check multiple payees at a time.

• Is it important that people have my correct account details?

  Yes. This means the correct IBAN and your full and correct name (not a nickname) or the legal or trading name of your business. Remember to let people know if your details change.

• Is it important that I have the correct account details for people I want to pay?

  Yes. This means the correct IBAN, and the full and correct name (not a nickname) or the legal or trading name of the business. Check that the request for payment is genuine. Confirm the details directly with someone you know and trust.

• What are some of the telltale signs of fraud?

  Some telltale signs of fraud are:

  • Changes to account details
  • A sense of urgency to make a payment
  • Somebody advising you to accept a “close match” or “does not match” without verifying
  • A deal that sounds too good to be true.

  For more information, please visit Security Zone.