Overview
Glossary
-
VoP - Verification of Payee
-
RVM - Routing and Verification Mechanisms
-
EPC - European Payments Council
-
SEPA - Single Euro Payments Area
Introduction
Verification of Payee (VoP) is a banking security service that helps protect customers from certain types of payment fraud. It’s a name-checking system that allows payment initiators to verify that the account details they’re using match the intended recipient before completing a transaction.
The European Payments Council (EPC) owns and publishes the Verification of Payee (VoP) rulebook. VoP is a requirement for financial institutions in SEPA (Single Euro Payments Area) countries and the UK, as mandated by the EU Instant Payments Regulation and the Payment Systems Regulator, respectively.
The below diagram depicts the flow of a VoP request through the Requester and Responder systems:
| 1 | A request from the Processing Entity is retrieved by the VoP Requester system with a Name and IBAN in the message |
| 2 | The request is mapped and forwarded to a RVM system |
| 3 | The request is mapped and forwarded to a VoP Responder system |
| 4 | The request is mapped and forwarded to the Processing Entity Account Management system |
| 5 | The Account Management system sends the account details using the IBAN |
| 6 | The VoP Responder system uses the account details and Name from the request and determines if this is a Match/No Match/Close Match and forwards the response to the RVM |
| 7 | The response is mapped and forwarded to the VoP Requester system |
| 8 | The response is mapped and forwarded to the Processing Entity |