Verification of Payee overview
What is Verification of PayeeVerification of Payee The EU equivalent of Confirmation of Payee CoP. A servivce that validates that the name of a payment beneficiary matches the IBAN registered with their bank or Payment Service Provider (PSP) before a SEPA payment is executed.?
Verification of PayeeVerification of Payee The EU equivalent of Confirmation of Payee CoP. A servivce that validates that the name of a payment beneficiary matches the IBAN registered with their bank or Payment Service Provider (PSP) before a SEPA payment is executed. (VoP) is the EU equivalent of Confirmation of Payee (CoP) for UK Faster Payments. It validates that the name of a payment beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. matches the IBANIBAN International Bank Account Number - a standardized international bank account identifier. Managed accounts can be assigned an IBAN to enable wire transfers to and from bank accounts outside of Weavr. IBANs are required for EUR accounts and enable SEPA transfers. registered with their bank or Payment Service Provider (PSP) before a SEPA payment is executed.
VoP is mandated by the EU Instant Payments Regulation (IPR) and is designed to reduce fraud and misdirected payments by ensuring that the payee's name matches the account information provided by the payer.
VoP is available for EUR Outgoing Wire TransfersWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). (OWTsOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication.) sent via SEPA (both SCT and SCT Instant).
The Verification of PayeeVerification of Payee The EU equivalent of Confirmation of Payee CoP. A servivce that validates that the name of a payment beneficiary matches the IBAN registered with their bank or Payment Service Provider (PSP) before a SEPA payment is executed. feature is relevant for embeddersEmbedder A company or developer that integrates Weavr's embedded finance services into their own application to provide financial services to their end customers. on the Cards and Wire TransfersWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). programme with Identities that hold EUR Managed AccountsManaged Account An account held at a financial institution that can be created and managed through the Weavr platform. Each account has a balance where customers can hold funds. Optionally, an IBAN can be assigned to enable wire transfers to bank accounts outside of Weavr..
When creating an OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. in EUR, Weavr performs a VoP check and returns the results in the response payload. The VoP result shows as match, close match, no match, or not possible (see below).
Based on the VoP result, your end-users should be given the option to either:
- Cancel the payment so that it cannot be completed, or
- Proceed with the payment by confirming the OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication..
Unlike Confirmation of Payee for GBP payments, VoP does not include reason codes. The result alone is used to inform the end-user's decision.
Key difference from Confirmation of PayeeConfirmation of Payee A service that automatically verifies bank account details when creating payment runs or outgoing wire transfers. For GBP payments, CoP checks return results showing Exact Match, Close Match, or No Match, including reason codes and additional information to help verify the payee details are correct.: Linked AccountsLinked Account An entity in the Weavr system that represents an external bank account or payment service provider (PSP) account which an Identity has verified they own and control. This feature enables users to perform transactions, such as outgoing and incoming wire transfers, between their Linked Accounts and their Managed Accounts as 'self-to-self' transfers.
For GBP OWTsOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. via Faster Payments, when sending to a Linked Account, the /confirm step is skipped. This is because the beneficiaryBeneficiary A trusted recipient for payments that includes both information about the business or individual as well as their bank account or instrument details. When using trusted beneficiaries, customers may be allowed to skip Strong Customer Authentication (SCA) when executing Outgoing Wire Transfer or Send transactions, reducing the number of approval steps required. name was already verified when the Linked AccountLinked Account An entity in the Weavr system that represents an external bank account or payment service provider (PSP) account which an Identity has verified they own and control. This feature enables users to perform transactions, such as outgoing and incoming wire transfers, between their Linked Accounts and their Managed Accounts as 'self-to-self' transfers. was created, so no additional confirmation is needed at the point of payment.
For EUR OWTsOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication. via SEPA, this exception does not apply. The VoP result must always be returned and the /confirm step is always required — including when sending to a Linked Account. Your application must display the VoP result to the end-user and they must confirm or cancel every EUR OWTOWT Outgoing Wire Transfer - a transaction that moves funds from a Weavr managed account to a bank account held at a third-party financial institution. OWTs require the managed account to have an assigned IBAN and the user to complete Strong Customer Authentication., regardless of the destination.
VoP results
| Result | Description |
|---|---|
| Match | The name provided matches the name registered to the IBANIBAN International Bank Account Number - a standardized international bank account identifier. Managed accounts can be assigned an IBAN to enable wire transfers to and from bank accounts outside of Weavr. IBANs are required for EUR accounts and enable SEPA transfers.. |
| Close Match | The name provided is similar but not identical to the registered name. The actual account name may be returned to help the end-user decide how to proceed. |
| No Match | The name provided does not match the name registered to the IBANIBAN International Bank Account Number - a standardized international bank account identifier. Managed accounts can be assigned an IBAN to enable wire transfers to and from bank accounts outside of Weavr. IBANs are required for EUR accounts and enable SEPA transfers.. |
| Not Possible | The VoP check could not be completed. E.g. because the receiving institution does not support VoP. |
There are no reason codes for VoP results. This is different from CoP for GBP payments, where reason codes provide additional context for Close Match and No Match results.
Refer to our step-by-step guide to create an EUR Outgoing Wire TransferWire Transfer A transaction that moves funds between accounts. An incoming wire transfer moves funds from a third-party bank account to a Weavr managed account, while an outgoing wire transfer moves funds from a Weavr managed account to a third-party bank account. Wire transfers require the managed account to have an assigned IBAN (for EUR) or sort code and account number (for GBP). with a Verification of Payee check.