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. To mitigate this, the European Union is introducing Verification of Payee (VoP), a safety feature designed to ensure that payments reach their intended destination.
VoP is a straightforward yet potent tool that protects users from fraud by verifying that the recipient's account belongs to the intended payee. This simple step is revolutionizing the way we trust and send money within the Single Euro Payments Area (SEPA).
- When sending money, users typically enter the recipient's name and IBAN (International Bank Account Number), a unique string of numbers identifying a bank account.
VoP confirms that the account you’re sending money to actually belongs to the person or business you intend to pay.
Author's summary: VoP enhances payment safety in Europe.