At Genome, we are always on top of your security, implementing the necessary features to keep your money and data protected, as well as safeguarding transactions from errors. The Verification of Payee service is perfect for the latter!
As of next week, we are implementing a Verification of Payee, a huge security and quality-of-life feature. It will apply to SEPA Transfers within Genome, for both personal and business wallet users.
Verification of Payee (or in short, VoP) is a security measure in the SEPA payment system designed to combat fraud and misdirected payments.
It verifies that the name of the intended recipient (payee) matches the name registered with the recipient’s bank account before the payment is sent.
How the Verification of Payee (VOP) works
When a payer initiates a transfer, their bank sends a verification request to the recipient’s bank.
The recipient’s bank checks the provided account name and IBAN against its records.
The result is returned to the payer’s bank as either a “match”, “close match”, “no match”, or “no applicable” (e.g., “unavailable”).
The payer receives the verification result and decides whether to proceed with the payment.
Why is the Verification of Payee (VOP) important?
First of all, fraud prevention. For example, social engineering schemes occur when criminals trick people into sending money to “charity” or fake e-commerce websites that camouflage themselves as Amazon or AliExpress.
However, thanks to the Verification of Payee, the financial institution can confirm that the account holder’s name matches.
Another thing you can now easily see is to whom you should send money, making it a quality-of-life feature.
The good news is VoP is mandated by the EU’s Instant Payment Regulation (Regulation (EU) 2024/886) and every payment service provider in the EU/EEA must implement it by October 9, 2025. However, those operating outside the euro area have until July 9, 2027, to comply.
Our Verification of Payee service will be completely free, and you don’t need to enable anything to have it working – just make sure to update your Genome app once the update is available.
Our team expects that VoP will reduce fraud cases and errors. Meaning, you are getting peace of mind and improving the flow of your financial operations.
So, the biggest advantages here:
Lower risk of losing money – if a person or company gives you a fake account, you’ll be warned.
No need to refund – mistaken transfers (which are often difficult to recover) will not occur.
Transparency – you clearly see who you’re paying for.
