What is the Verification of Payee (VoP) / Confirmation of Payee (CoP) feature?

To help protect you from misdirected or fraudulent payments, Payset uses a Verification of Payee (VoP)—also known as Confirmation of Payee (CoP)—when you add a new beneficiary for local EUR payments.

What is Verification of Payee?

Verification of Payee is a security mechanism used by banks and payment services to confirm that the person or business you intend to pay is the legitimate owner of the bank account you’re sending funds to.

This check helps prevent:

• Sending money to the wrong person due to typing errors
• Fraudsters posing as trusted contacts or companies
• Potential losses from authorised push payment fraud

How it Works

When you add a new beneficiary, you’ll be asked to enter:

• The beneficiary’s name
• Their local account details (such as their IBAN for an EUR account)

Payset will then automatically check the name you entered against the name registered on the payee’s bank account.

VoP Results Explained

You may see one of the following outcomes:

✔ Exact Match

The account holder’s registered name matches the name you entered.
There will be no alert notification in the dashboard. You can proceed safely with the payment.

≈ Close Match

The name is similar but not identical.
This can happen due to:

• Minor spelling differences
• Use of abbreviations
• Trading names vs. legal names

Example of a Close Match

If you create a new transaction for ABC Capital SL, but the official bank records show ABC Capital S.L., VoP will show a warning indicating a partial match.

This tells you the name is close, but you should double-check spelling or confirm legitimacy with the beneficiary.

✘ No Match

The name does not match the account details.
This may indicate:

• The details were entered incorrectly, or
• The account may not belong to the intended recipient

Example of a No Match

If the name you enter is ABC Capital SL, but the bank records show XYZ Kapital Ink, VoP will display a red alert.

This warns you that the account holder is completely different from the intended recipient, and the transaction may end up somewhere you didn’t intend.

If you need help understanding a VoP result or have concerns about a beneficiary’s details, please contact Payset Support.