Verification of Payee: Enhancing Payment Safety Across Europe
In the era of instant digital payments, speed is paramount, but it also increases the risk of mistakes and fraud.
Verification of Payee (VoP) is a new safety feature being introduced across the European Union to ensure that payments reach their intended destination.
VoP is a simple yet powerful tool that helps protect you from fraud by confirming that the account you’re sending money to actually belongs to the person or business you intend to pay.
This feature is particularly relevant in the Single Euro Payments Area (SEPA), where it is changing the way we trust and send money.
Typically, when sending money to a friend, supplier, or business, you would enter their name and IBAN (International Bank Account Number), a unique identifier for bank accounts.
Author's summary: VoP enhances payment safety in Europe.