What name should I enter for a joint account or business account?
For joint accounts, enter the name of one account holder exactly as it appears at the receiving bank. For business accounts, use the full legal company name (e.g., “XYZ GmbH”).
- 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?
- 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?