Recipient verification is a service that checks whether the recipient’s name matches the provided IBAN. This helps reduce fraud and misdirected payments. Starting 9 October 2025, VoP will be mandatory in all Eurozone countries, and from 9 July 2027 also in non-Euro countries (Switzerland and the UK have not yet announced adoption dates). It applies to all SEPA Credit Transfers, SEPA Instant Transfers, and scheduled payments. Before authorising a payment, the system verifies the name-IBAN match and shows the result (Verified / Slight difference / No match). Only then can the payment be approved. In short:Recipient verification adds trust and security to payments.