How to communicate around VOP
With the Verification of Payee obligation deadline approaching, several PSPs, and national banking associations have started to communicate about its impact on companies and on individuals who will be the actual users of the VOP matching services. Today, with only 2 months until VOP, let’s look at the different key messages and guidelines shared lately to inform users about the VOP concept and what it means, concretely, in their daily operations.
Payment Services Providers
If the clock is ticking for PSPs, businesses should also start preparing for VOP as credit transfers are part of their daily routine. Most PSPs have a proactive approach towards their corporate clients and have already contacted them with respect to VOP.
They are informing them about the importance of having accurate and comprehensive data, especially on invoices and on any document that could be linked to any type of credit transfer, as they will also be subject to VOP checks. In addition, some PSPs also provided information to corporates on the possibility to opt-out from VOP in the event of batch transfers. By starting to work on it as soon as possible companies will undoubtedly minimize friction and misunderstandings.
The general public – any PSP client – will be impacted and could also make sure that the IBANs and names saved in their web banking or mobile app match, which will ensure frictionless credit transfers.
These tips and guidelines are supported and passed on by banking associations in most of the EU countries. Let’s have a look at some of them.
Banking associations
UK Finance – UK
In the United Kingdom, the Verification of Payee – which is actually known as CoP, Confirmation of Payee – has been around for several years now. Back in 2020, when this verification was implemented by large retail financial institutions to prevent fraud, UK Finance explained that CoP “will have a real impact on how payments are made. Customers of firms that have implemented Confirmation of Payee will need to know the name of the person they want to pay, similar to asking someone who to make a cheque payable to. For individuals, this will be their first name and last name – for businesses, their correct account name – which may not be the same as their trading name”. The association therefore advised customers to use the individual’s first and last names. No more “Dad”, or “Dave from the pub”, as underlined in a blogpost.
Luxembourg – ABBL
The ABBL (Association des Banques et Banquiers, Luxembourg) launched a communication campaign, with a press release sent to local media which resonated in the entire country. Also available on the association’s website, the article first describes the context to then focus on how VOP works concretely, on who’s going to be affected by these mandatory checks, and ends with key recommendations that apply for PSPs, companies and individuals.
The ABBL highlights that “both payers and beneficiaries have a role to play in ensuring a smooth implementation of VOP”.
A wider VOP guidance document is also available.
Italy – ABI
The Associazione Bancaria Italiana published a blogpost entitled “Online la Guida ABI sui bonifici istantanei” on July 28th, with a section dedicated to security and necessarily to the Verification of Payee obligation. It says: “this check, whose result is provided in real time, will become mandatory by October 9, 2025: each time a new standard or instant transfer is initiated, the bank will inform its customer if the entered data matches, does not match, partially matches, or if the check could not be carried out — for example, because the account is closed, blocked, or due to technical reasons”.
Germany – BdB
Just a few days ago, the German banking association, Bundesverband deutscher Banken, issued a press release that explains that the Verification of Payee obligation is all about. Who’s concerned? How does it work? What results are displayed after the check has been done? Etc. The association also underlines that “payee verification is not only carried out in online banking. It is also carried out for transfers that are recorded directly in the presence of the customer, for instance at the bank counter”.
It is interesting to note that “banks and savings banks will support their corporate customers within the scope of their possibilities in storing appropriate aliases used in payment transactions”. Finally, it is also stated that banks are currently in the process of informing their customers about the changes associated with VOP.
Belgium – Febelfin
In its blogpost called “Verification of the beneficiary’s name: banks start gradual introduction”, Febelfin (Fédération belge du secteur financier) describes VOP as an important new tool for bank customers in the fight against fraud and that “gives you more confidence and certainty that the money will be transferred to the correct beneficiary”. The different verification steps are then listed: automated verification done by the bank, notification by the bank (if the name and account number do not match (completely)), and the final decision to proceed with the transfer with or without changes, which is done by the customer. The association also recognizes that VOP will change the habits of payers and that it will take some time getting used to it, but that “if the reported tips are applied, the proportion of verifications that do not match can be limited as much as possible to genuine cases of fraud”.
Febelfin adds: “companies will also have to make an effort: banks are therefore calling on beneficiary legal entities and companies to correctly state their names on invoices, at their bank and in the Crossroads Bank for Enterprises. We ask them to register their legal names, trade names and/or abbreviations with the CBE via their business counter”.
How to display the matching results messages
ECB released, earlier this month, a response of the ERPB (European Retail Payments Board) Task Force on Verification of Payee (VOP) check, and shared a general guidance document for VOP messages.
The document aims at helping PSPs in the introduction of the VOP for PSUs and to support the communication on the new service. It notably underlines that “the VOP messages should be user centric with clear, simple and easy to understand language and with suggestions on which actions could be taken. It is preferable to avoid presenting PSUs with technical jargon. Colors, symbols and graphics can support the text of the messages, in coherence with the communication style applied by the PSP in the customer channel”.
As VOP becomes a reality across the EU, national associations are playing a critical role in shaping how the new rules are communicated and understood. The common thread? Transparency, user-centric language, and shared responsibility across the ecosystem.