At Paymont, the security of our clients is a top priority. That’s why, starting October 9, we’re introducing a new feature: Verification of Payee (VoP). This will allow clients to confirm the identity of payment recipients before completing a transfer.

This new feature also reflects recent European regulations focused on improving the security of cashless payments and reducing fraud. With Verification of Payee (VoP), clients can check whether the account number they’ve entered truly belongs to the intended recipient before confirming the payment.

With this feature, clients can verify that the payment details are correct and, if needed, modify or cancel the transaction before it’s sent. This is particularly helpful if an incorrect account number is entered by mistake or in cases where the client might be targeted by fraud.

Verification of Payee will apply to all SEPA payments – euro transfers within the European Economic Area (such as Slovakia, Germany, Austria, and other member states). For these types of transfers, VoP is being introduced as a new standard to help protect clients from mistakes when entering account numbers, as well as from fraud attempts where attackers try to deceive clients into sending money to the wrong account.

The feature will be available to all users automatically – no activation or setup required. To support you in navigating the process, a detailed guide has been made available, outlining how the verification works, what type of information may be displayed, and how to respond appropriately in various scenarios. The guide is accessible on our website in the Documents section.

Thank you for taking steps to protect your financial security together with us.

FAQ

What is VoP?

Verification of Payee (VoP) is a security feature that verifies the accuracy of recipient details and helps ensure that money is sent to the correct beneficiary.

Why is VoP important for SEPA payments?

It helps avoid mistakes when entering payment details and protects you from potential fraudulent transactions by alerting you to inconsistencies.

Do I need to activate VoP in online banking?

No, VoP will appear automatically when you enter a SEPA payment. No activation or configuration is required.

Can I send the payment even if VoP shows a mismatch?

Yes, you can still proceed, but we strongly recommend double-checking the recipient details before confirming the payment.

What should I do if the VoP service is unavailable?

You can still sign and send the payment without verification, but we recommend checking the recipient details carefully.

Does VoP slow down payment processing?

No, the verification takes place instantly while entering the payment and does not affect processing time.

Which details does VoP check?

It checks whether the recipient’s name matches the account holder linked to the IBAN.

Does VoP also work for payments outside the SEPA area?

No, VoP is intended primarily for SEPA payments and is not yet available for other transfers.

Are my personal details safe when using VoP?

Yes, all data is processed in line with applicable data protection rules, keeping your information secure.