Verification of Payee

Verification of Payee (VoP) is a security procedure in which a payer compares the name of the intended recipient with the account information stored at their bank before executing a transfer. This serves to prevent fraud, particularly through incorrect account details or typing errors, by confirming the identity of the account holder.

What exactly is Verification of Payee and why am I seeing it?
What do Match, Close Match, No Match or ‘Check Unavailable’ mean?
Why did the VoP check say ‘Unavailable’? Does that mean the payee bank can’t verify?
What name should I enter for a joint account or business account?
If it’s a Close Match, should I trust the name suggestion and update it?
Do I incur any fees for using Verification of Payee?
How secure is my data when Verification of Payee runs? Who sees the recipient’s name?
Can I opt out or disable VoP for future payments?
I double-checked the name and IBAN. Why is it still showing 'No Match'?
Is Verification of Payee mandatory for every payment or only when adding a new payee?