Verification of Payee Enters a New Phase

                                       
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Verification of Payee Is Live : What Comes Next for Banks and Corporates?

With Verification of Payee (VoP) now live under Regulation (EU) 2024/886, the European payments landscape has entered a new phase. As of 9 October 2025, VoP checks are mandatory for all instant and SEPA credit transfers in euro across the EU and EEA.

While many banks and payment service providers focused rightly on meeting the regulatory deadline, the post go live reality is clear: compliance alone is not enough. The real challenge and opportunity now lies in improving match rates, reducing friction, and extending verification capabilities beyond single, real time payments.

At LexisNexis Risk Solutions, our Bankers Almanac® product portfolio is uniquely positioned to support this transition, helping your organisation validate account details, help reduce fraud risk, and maintain seamless payment operations.

What Is Verification of Payee (VoP)?

VoP is a real-time check that compares the payee name provided by the payer with the name registered to the IBAN at the recipient bank. The result of this check. Match, Close Match, No Match, or VoP Not Possible—must be communicated to the payer before authorization. 
This mechanism is designed to:
  • Prevent authorized push payment (APP) fraud
  • Reduce misdirected payments
  • Increase transparency and trust in the payment’s ecosystem

While VoP has been implemented in some EU countries voluntarily, the regulation now makes it mandatory across the eurozone, with no cost to consumers. Corporates submitting bulk payments may opt out, but single payments via APIs must comply

Beyond the Mandate: Where the Market Is Heading

With VoP now embedded into day to day payment flows, banks and corporates are turning their attention to:

  • Improving name matching accuracy
  • Reducing avoidable Close Match and No Match outcomes
  • Extending verification to bulk and file based payments
  • Strengthening upstream beneficiary onboarding and controls

This is where broader account verification and data led approaches become critical and where LexisNexis can help. 

What Customers Can Expect Next: Bankers Almanac® Validate™ Safe Payment Verification

In parallel with VoP evaluation, our current product priority is the development and launch of an enhanced Bankers Almanac Safe Payment Verification (SPV) batch capability.
Safe Payment Verification Batch: Bulk Verification at Scale
The upcoming SPV batch feature will enable customers to perform bulk bank account checks:

  • Via API
  • Or through Excel file upload

This capability is designed specifically for high volume use cases, including:

  • Supplier and vendor payments
  • Payroll and mass payouts
  • Refunds, rebates, and customer disbursements

By validating bank accounts and ownership signals before payments are submitted, Safe Payment Verification batch helps organizations reduce fraud exposure and operational rework across file based workflows.

LexisNexis Risk Solutions is committed to helping banks and corporates navigate this transition. With our Bankers Almanac® suite, organizations can achieve VoP compliance, enhance payment efficiency, and protect their reputation and bottom line.

To learn more or request a demo, visit Payments Efficiency and pick a solution that suits your needs or contact our team today.

By LexisNexis Risk Solutions – Payments Efficiency Division

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Corporations Financial Services
Payments Efficiency


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