Verification of Payee glossary

An open-banking service that retrieves account information (balances, transactions) with the account holder's consent. Part of RoxPay's open-banking gateway alongside PIS and VoP.

Fraud where a victim is tricked into authorising a transfer to an account controlled by a fraudster — a fake invoice, a spoofed supplier, a "safe account" call. Because the payer approves it, traditional controls rarely fire; a name check exposes the mismatch.

The international code identifying a bank. A VoP response includes the responding institution's BIC, so you know which bank answered the verification.

Verifying many payee names against their IBANs in one batch — typically a supplier or payroll file from an ERP — before releasing a payment run, to catch errors and fraud at scale.

The name is almost right — a missing middle name, or a legal name vs a trading name. The response carries the verified name as a suggestion so the payer can confirm or correct rather than reject the payment. The scheme code is CMTC.

The UK name for the same concept: checking the payee name against the account before paying. "Verification of Payee" is the European equivalent governed by the European Payments Council (EPC).

The rulebook and standardised API framework, governed by the European Payments Council, that lets PSPs exchange Verification of Payee requests and responses across SEPA in an interoperable way.

Plain-language term for comparing an account holder's name against an IBAN. It is the core operation behind Verification of Payee and the answer only the payee's bank can give authoritatively.

The EU law that makes euro instant payments universal and Verification of Payee mandatory and free for payers. It is the legal basis for the VoP obligation, with deadlines of 9 October 2025 (euro area) and 9 July 2027 (non-euro area).

A business APP scam where a fraudster changes the bank details on a legitimate invoice (an "IBAN swap"). Verifying the supplier name against the IBAN before paying surfaces the swap before the money leaves.

The VoP outcome where the submitted name matches the account holder for that IBAN. The lowest-risk result — safe to proceed. The scheme code is MTCH.

The submitted name does not belong to the IBAN — the classic red flag for APP fraud or a mistyped account. It is a valid response (not a transport error): treat it as a hard stop before authorising. The scheme code is NMTC.

Verification could not be completed — for example the payee's bank did not respond. The payment is not blocked automatically; the payer is informed and decides whether to proceed. The scheme code is NOAP.

Regulated access to bank accounts via APIs, covering payment initiation (PIS) and account information (AIS). RoxPay delivers Verification of Payee on the same European open-banking infrastructure as its PIS/AIS services.

For legal persons, the VoP scheme allows verification against an organisation identifier — such as an Italian Partita IVA or Codice Fiscale — as well as the name, which helps when a trading name differs from the registered name.

An open-banking service that initiates a payment directly from the payer's bank account on their behalf. On RoxPay it sits alongside Verification of Payee, so you confirm the payee and then initiate the transfer on one platform.

In a VoP exchange the requesting PSP (the payer's side) asks whether a name matches an account; the responding PSP (the payee's bank) returns the outcome. A provider like RoxPay can act on either side.

The SEPA scheme for euro credit transfers settled in seconds, around the clock. Because instant transfers are irrevocable almost immediately, a pre-payment payee check is the most effective safeguard.

A real-time check that confirms whether the name entered for a payment belongs to the destination IBAN, before a SEPA credit transfer is authorised. It returns a standardised outcome (match, close match, no match, not applicable) so the payer can send, correct or stop.