Is Verification of Payee mandatory for every payment or only when adding a new payee?
- 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'?