Verification of Payee (VoP)
Protect your payments with real-time beneficiary verification.
Neo uses VoP for SEPA payments, as required under EU IPR 2024/886. VoP checks that the account name and IBAN match what’s registered at the beneficiary bank, helping to ensure that your payment reaches the intended recipient and hasn’t been diverted by fraud.
About Verification of Payee
Verification of Payee (VoP) is a new Europe-wide fraud-prevention standard that strengthens payment security. Before a SEPA payment is executed, Neo automatically validates whether the beneficiary name and IBAN correspond to the data held by the beneficiary bank.
This process helps to protect against invoice fraud, impersonation, and payment redirection scams – common schemes where fraudsters alter beneficiary details to intercept funds.
What’s changing
From now on, when you create a SEPA payment in Neo, the beneficiary details will be verified in real time. You’ll see one of the following results based on the response received from the beneficiary bank.
Why it matters
Scope of VoP
Initially, VoP applies to SEPA payments within the European Economic Area. Neo will progressively extend verification coverage to additional currencies and payment corridors as the service expands across partner banks.
