Verification of Payee: Enhancing Payment Safety Across Europe
In the era of instant digital payments, speed is crucial, but it also increases the risk of mistakes. To mitigate this, the European Union is introducing a new safety feature called Verification of Payee (VoP).
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. This is particularly important when sending money to friends, suppliers, or businesses, where typically only the recipient's name and IBAN are used.
VoP helps ensure that every euro sent lands where it’s supposed to, making payments safer Europe-wide.
- VoP confirms the account belongs to the intended recipient.
- It helps protect users from fraud in the Single Euro Payments Area (SEPA).
Author's summary: VoP enhances payment safety across Europe.
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