VOP (Verification of Payee)

Published on 2026-01-04 · Updated on 2026-05-17

VOP (Verification of Payee)

Mandatory SEPA service since October 2025 that checks the beneficiary name matches the IBAN.

Reduces IBAN-redirection fraud. The sender’s bank warns the originator if the name doesn’t match before execution.

See also

SCT Inst

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Full SEPA glossary (alphabetical index)

Full SEPA glossary (alphabetical index)

Alphabetical SEPA glossary index with 49 terms.

Workflow rejection

Workflow rejection

Internal rejection before submitting the operation to the bank. Does not produce an R-message.

UMR (Unique Mandate Reference)

UMR (Unique Mandate Reference)

Unique reference identifying a SEPA mandate within the creditor's organisation.

TPP (Third Party Provider)

TPP (Third Party Provider)

Authorised third party allowed to access accounts or initiate payments under PSD2.

SWIFT code

SWIFT code

Synonym of BIC; identifier standardised on the SWIFT network (ISO 9362).

SHA / OUR / BEN

SHA / OUR / BEN

Charge allocation options in international transfers.