In case a payment is made in Euros, the transaction is subject to Verification of Payee.
Verification of Payee (VoP) is a SEPA (Single Euro Payments Area) security measure that checks whether a beneficiary’s name matches their IBAN to help prevent fraud. Before a SEPA Credit Transfer or SEPA Instant Credit Transfer can be authorised, the originator’s bank verifies the name and IBAN with the beneficiary’s bank. The beneficiary’s bank then returns a result—Match, Close match, or No match—to the originator. VoP becomes an official requirement from October 5, 2025 and will be mandatory from this date under the Instant Payments Regulation, which aims to strengthen the security of euro transfers within the SEPA zone.
When performing VoP, the system may return one of the following results:
Successful verification: The beneficiary’s name matches. The payment can proceed with high confidence.
Partial match: The provided name is similar but not an exact match. You may still send the payment at your own risk, but there is a chance it may not be processed successfully.
Unsuccessful verification (no match): The beneficiary’s name does not match at all. You may still attempt to send the payment, but the likelihood of rejection increases.
Failed verification due to technical reasons.
VoP flows
Verification of Payee can be performed through two main channels:
Portal
API. For the detailed description of this flow, see the Initiate Payouts (ver. 2) guide and the related endpoint.
To make a payment via Portal, do the following:
On the Merchant Portal, go to Wallets, and find a wallet in euro, from which you are going to make the payment.
Click Send Fiat.
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In the Search box, find the beneficiary to whom you are sending the funds, and click on their name to select them.
The system immediately checks that the beneficiary's name matches the name associated with their bank account. As a result of this verification, you will see one of the following results:-
The provided name matches the one registered for the IBAN.
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The provided name is similar to the one in IBAN to some extent.
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The provided name doesn't match the one in the account.
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Verification is not possible. This can happen when a bank account can't be found.
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Verification is not possible due to technical issues.
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In any case, you can proceed with the payment and click Continue. Note that you perform the transaction at your own risk and accept that the funds can be sent to the wrong beneficiary.
Alternatively, click the Update the beneficiary link in the admonition to change the name, enter the correct information, and click Save.
After the name is successfully verified, proceed with the payment as usual.
Notes and Tips
We recommend choosing Auto-select in Payment method (Portal) or omitting the
method(API) to allow BVNK to select the fastest supported rail automatically. Availability depends on the wallet type and currency.Proceeding after a partial/no match is your responsibility; banks may still reject the transaction.