Verification Of Payee

The scheme allows the PSP of the payer (the Requesting PSP) to instantly send to the PSP of the payee (the Responding PSP), a request to verify the IBAN and the name of the payee as given by the payer (the Requester), and potentially in addition, an unambiguous identification code (e.g., Value-Added Tax (VAT) number, an Legal Entity Identifier (LEI), social security code) about that payee. The reason for this request is that the payer intends to initiate a SEPA Credit Transfer (SCT) or a SEPA Instant Credit Transfer (SCT Inst) transaction to the payee. 

The Responding PSP will then instantly verify whether the received data match with the concerned data registered for that payee at the Responding PSP. The Responding PSP immediately provides the Requesting PSP with a VOP response (e.g., match, no match, close match with the name of the payee, match/verification check not possible). The Requesting PSP then immediately passes on the response to the payer.

The scheme has been in first instance developed to support PSPs in SEPA who will be required to comply with legal obligations on the verification of a payee in the case of credit transfers as outlined in the future EU Instant Payments Regulation (IPR) amending the SEPA Regulation.

The scheme also provides a common basis on which VOP scheme participants and other VOP scheme-based solution providers can offer new and innovative services.

The scheme provides PSPs with a messaging functionality. It is not a payment means or a payment instrument but it allows the payer to verify certain data about a payee. It cannot be relied upon to identify a private or a legal person.