Verification of Payee (VoP) is a new security that helps you verify recipient's identity before sending a transfer. This service checks that the recipient's name matches the IBAN, helping prevent fraud and ensuring your payments reach the right account.
VoP is mandated by the EU Instant Payments Regulation (IPR) and applies to all SEPA transfers.
How does it work?
1. Schedule your payments to trigger the verification: as you schedule an invoice payment or expense reimbursement (or a batch of them), Spendesk queries the recipient's bank to validate that the account holder name matches the IBAN provided.
2. Check the verification result and review if needed
The check returns one of four possible results:
Complete Match: The name fully matches with the bank records. All good! We don't show any message to keep your workflow smooth and focused.
Partial Match: The name has minor differences (like typos or abbreviations)
No Match: The name and IBAN don't align with the bank's records
Impossible Match: The check couldn't be completed
3. Decide whether to proceed or not
Based on the result, you can choose to continue with the payment or correct the recipient details. VoP never blocks your payment. It simply provides additional information to help you make an informed decision.
Understand verification results
⚠️ Partial Match
There's a small difference in the name, which could be:
A spelling variation: "Freddie" instead of "Freddy"
Missing middle name or initial
Abbreviated business name
Recommendation: Double check the details with your recipient and edit the recipient’s name with the name suggested in the verification result. By confirming the transfer, you take the responsibility for the recipients informations being correct.
❌ No Match
The name and IBAN don't match according to the recipient's bank.
Important: This doesn't always mean you have the wrong recipient.
For example:
The beneficiary may use a trade name that differs from their legal business name
You may have saved the recipient as "360Company", but their legal bank account name is "Spendesk"
Recommendation: Verify the beneficiary details with your recipient before proceeding. By confirming the transfer, you take the responsibility for the recipients informations being correct.
ℹ️ Impossible to match
We couldn't complete the verification. This may happen if:
The recipient's bank doesn't yet support Verification of Payee
There was a temporary technical issue
Recommendation: You can still proceed with the payment if you're confident about the recipient's details. By confirming the transfer, you take the responsibility for the recipients informations being correct.
When is a verification of payee done?
VoP verification appears when scheduling payments for:
Invoices: During the payment scheduling flow
Expense claims: During the reimbursement scheduling flow
Wiring funds out from your Spendesk Wallet
Important notes:
VoP is automatically integrated into your payment flows: no setup required
Tips for successful verification
Always enter the recipient name exactly as it appears on their official bank account
If you receive a "No Match," contact the supplier to confirm their legal account name and bank account details
Save frequently used beneficiaries with their correct legal names to avoid future mismatches
Frequently Asked Questions
Will VoP block my payments? No. VoP is an informational tool that helps you make informed decisions. You can always choose to proceed with a transfer regardless of the verification result.
What if I'm unsure about a verification result? Contact your recipient to confirm their account details before proceeding with the payment.
Does VoP apply to all transfer types? VoP currently applies to SEPA transfers (including instant payments) for invoices and expense claims scheduled through Spendesk and transfering funds from your Wallet to your company bank account.
Need help? Contact our support team if you have questions about a specific VoP verification result.