Verification of Payee: Enhancing Payment Safety Across Europe
In the era of instant digital payments, speed is crucial, but it also increases the risk of mistakes and fraud.
To mitigate this risk, the European Union is introducing a new safety feature called Verification of Payee (VoP), designed to ensure that every euro sent reaches its intended destination.
VoP is a straightforward yet powerful tool that confirms the account holder's identity, protecting users from fraud by verifying that the account belongs to the intended recipient.
- 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 is a simple yet powerful tool that helps protect you from fraud by confirming that the account you’re sending money to actually belongs to the person or business you intend to pay.
This single step is revolutionizing the way we trust and send money in the Single Euro Payments Area (SEPA).
Author's summary: VoP enhances payment safety in Europe.
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