Verification of payee
A check, before a credit transfer, that the payee's name matches the account the money will go to.
Verification of payee is a check, made before a credit transfer is executed, that the name of the intended beneficiary matches the account the money will be sent to. Under the EU Instant Payments Regulation, euro-area payment providers must let clients verify the intended beneficiary, and the Commission's timeline extends this to providers outside the euro area for euro payments. When an agent prepares a payment, the result of the check should be shown to the customer, not only to the software.
Agent Minute explains this term on 25 February 2027.
Related terms
Instant paymentA credit transfer executed within seconds, at any time of day, every day of the year.Credit transferA payment pushed from the payer's account to the payee's account on the payer's instruction.Confirmation of PayeeThe UK account name-checking service, run by Pay.UK, that compares the payee name with the receiving account.APP fraud reimbursementUK rules requiring payment firms to reimburse victims of authorised push payment scams, within set conditions.