Verification of Payee (VoP): Enhancing Payment Safety Across Europe
In the world of instant digital payments, speed is crucial, but it also increases the risk of mistakes and fraud.
To address this issue, the Verification of Payee (VoP) feature is being introduced across the European Union to ensure that every euro sent reaches its intended destination.
VoP is a simple yet powerful tool that protects users from fraud by confirming that the account they are sending money to actually belongs to the intended recipient.
- When sending money, users typically type the recipient's name and IBAN (International Bank Account Number), a long string of numbers identifying a bank account.
VoP 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.