More secure bank transfers thanks to a new verification step

This new beneficiary verification system, or VoP (Verification of Payee), is deployed in accordance with European Regulation 2024/886 by payment service providers (banks, payment institutions or e-money institutions), throughout the euro area.

He is free and aims to protect users.

Its objective is to strengthen protection against fraud, including identity theft or RIB manipulation, but also to reduce typing errors when adding a beneficiary.

It will verify that the name of the beneficiary entered by the customer corresponds to the IBAN of the account receiving the transfer. When an individual makes a transfer (instantaneous or conventional) from his bank account, his bank will be able to automatically query, in real time, the bank of the beneficiary for check match.

The customer will be informed of the result of the request in order to confirm, correct or cancel his operation. He retains the freedom to execute his transfer, but with full knowledge of the facts.

The bank will forward one of these results:

• exact match between name and IBAN: the transfer is executed;
• mismatch between the name and the IBAN: you are informed before the transfer is executed;
• partial match (name close but not identical to the recipient account): the bank tells you the name associated with the IBAN so that you decide whether or not to make the transfer.
• verification impossible: technical problem, beneficiary bank not participating or not responding… The Bank informs you that the check could not be carried out. You can then either give up or decide to continue your transfer.