Verification of Payee (VoP)

We’re Introducing Verification of Payee (VoP)

As part of our ongoing efforts to protect you from fraud and give you greater confidence when making payments, we are introducing a new security feature called Verification of Payee (VoP).

What is Verification of Payee?

Verification of Payee is a fraud-prevention service that checks whether the account name you enter when setting up a payment matches the name on the recipient’s (person or business you are sending money to) bank account. This extra layer of security helps ensure that your money is going to the right person or business.

When is this happening?

Starting from 9th October 2025, when you initiate a payment—whether online, through a mobile app, or in-branch—your Credit Union will verify that the recipient’s name matches the account number (IBAN). This real-time check aims to reduce fraud and prevent misdirected payments.

How It Works

1. You enter the recipient’s name, IBAN/account number, and bank details.
2. The system checks whether the name matches the account at the receiving bank.
3. You receive one of the following results:

• Full Match – The name provided matches the name of the beneficiary.
• Close Match – The name provided is very similar but not exactly the same as the name of the beneficiary. Please check if the name is correct and proceed only if you’re sure. If the suggestion seems incorrect, verify both the IBAN and name with the intended recipient.
• No Match – Caution! The beneficiary’s name does not match the name registered for this IBAN. The funds might go to the wrong account. Double-check the details before proceeding.
• VoP Not Possible – The check could not be completed because the beneficiary’s account or their payment provider does not support Verification of Payee. Confirm the details directly with the recipient before continuing.

Benefits

• ✅ Helps prevent fraud (e.g. invoice redirection scams)
• ✅ Reduces misdirected payments due to typos
• ✅ Gives you greater confidence before sending money

Verification of Payee is another way your Credit Union is working to keep your money safe and give you peace of mind when making payments.