Overview of SEPA

SEPA, the Single Euro Payments Area, is European-driven regulation which aims to create one single, integrated and standardised payments market making it easier to do business across Europe.

Verification of Payee (VOP) FAQs

Please check this page for future updates.

  • What is Verification of Payee (VOP)?

    VOP is a new security step in the payment process for all SEPA payments and SEPA Instant payments. VOP will check with the receiving bank that the name you enter matches the name of the person or business associated with the IBAN. It will do this when you add a payee or make a payment. This will help you to avoid paying the wrong person or business.

  • What happens if the name and IBAN match?

    If the name and IBAN match, you’ll see a message on screen confirming this and reminding you to check with the payee to ensure the request is genuine. When you select ‘Continue’, you’ll be given a chance to review the details of the payee as usual.

  • What happens if the name and IBAN do not match?

    If the name you typed in does not match the IBAN, you’ll see a ‘Payee name does not match’ message on screen. We advise you to check the name with the payee before continuing with the payee or payment.

    We advise you not to add a payee, make a SEPA payment, or make a SEPA Instant payment, until you have checked the account details and are certain they are correct and that the request for payment is genuine. Do not go ahead with a SEPA payment or SEPA Instant payment, if the name you enter does not match the name associated with the IBAN. We may not be able to recover the money if you do. And we will not be liable to you for any losses.

  • What happens if the name and IBAN are a close match?

    If the name you typed in is a close match to the one on the account, but not exactly the same, you’ll see a ‘Payee Name does not match exactly’ screen and the correct name associated with the account. We advise you to check the name with the payee before continuing with the payee or payment.

    We advise you not to add a payee, make a SEPA payment, or make a SEPA Instant payment, until you have checked the account details and are certain they are correct and that the request for payment is genuine. Do not go ahead with a SEPA payment or SEPA Instant payment, if the name you enter does not match the name associated with the IBAN. We may not be able to recover the money if you do. And we will not be liable to you for any losses.

  • What happens if Bank of Ireland cannot confirm that the details match?

    If for any reason we’re unable to confirm that the name and account details match, you’ll see an ‘Unable to check Payee Name’ message on screen. We advise you to check the name with the payee before continuing with the payee creation or payment.

    We advise you not to add a payee, make a SEPA payment, or make a SEPA Instant payment, until you have checked the account details and are certain they are correct and that the request for payment is genuine. Do not go ahead with a SEPA payment or SEPA Instant payment, if the name you enter does not match the name associated with the IBAN. Do not go ahead with a SEPA payment or SEPA Instant payment, if the financial institution you are paying to fails to respond to our request. We may not be able to recover the money if you do. And we may not be liable to you for any losses.

  • What happens if I make a payment to the wrong account?

    If you proceed with a payment and the name you enter does not match the name associated with the IBAN, we may not be able to recover the money. And we will not be liable to you for any losses.

  • Making a payment to a Joint Account

    If you’re making a payment to a joint account, VOP will tell you if the name you enter matches at least one of the account holders. We advise you to check the name with the payee, before continuing with the payee or payment.

  • Receiving SEPA Payments

    When providing your bank details for receiving SEPA payments, always provide your full name (not a nickname). If you are a business customer, you should provide your legal or trading name.

  • Is it mandatory to complete Verification of Payee (VOP)?

    Yes, under the SEPA regulation, we must carry out VOP for all SEPA payments and SEPA Instant payments

  • When can I submit a Verification of Payee (VOP) request?

    When you add a payee, make a credit transfer, or set up a standing order, we will check the name of the payee you have entered matches the IBAN you have included, before you authorise the payment. VOP will be available on 365 online, in our branches and on 365 phone.

  • Is it important that people have my correct account details?

    Yes. This means the correct IBAN and your full and correct name. Remember to let people know if your details change.

  • Is it important that I have the correct account details for people I want to pay?

    Yes. This means the correct IBAN, and the full and correct name. Check that the request for payment is genuine. Confirm the details directly with someone you know and trust.

  • What are some of the telltale signs of fraud?

    Some telltale signs of fraud are:

    • Changes to account details
    • A sense of urgency to make a payment
    • Somebody advising you to accept a “close match” or “does not match” without verifying
    • A deal that sounds too good to be true.

    For more information, please visit Security Zone.