Verification of Payee (VoP): Enhancing Payment Safety Across Europe
In the era of instant digital payments, speed is crucial, but it also increases the risk of mistakes and fraud.
To mitigate this, the European Union is introducing Verification of Payee (VoP), a feature designed to ensure that every euro sent reaches its intended destination.
VoP is a straightforward yet potent tool that verifies the account holder's identity, confirming that the account belongs to the intended recipient, be it an individual or a business.
- When sending money, typically, you would enter the recipient's name and IBAN (International Bank Account Number), a unique identifier for bank accounts.
VoP is a simple yet powerful tool that helps protect you from fraud by confirming that the account you’re sending money to actually belongs to the person or business you intend to pay.
This single step is revolutionizing the way we trust and send money within the Single Euro Payments Area (SEPA).
Author's summary: VoP enhances payment safety in Europe.