Important Update: Verification of Payee & SEPA Instant Payments Launching 5th October

From 5th October, all Irish financial institutions will introduce Verification of Payee (VOP) for SEPA and SEPA Instant payments. This new security feature is designed to make your payments faster and more secure.

What does this mean for you?

Before a payment is sent, VOP will check whether the name you’ve entered for the person or organisation you're paying matches exactly with the name on their bank account.

What you need to do:

• Review your existing payees
• Ensure all payee names are correct, valid, and match the account holder’s name exactly

Payee details you’ve saved previously may not be an exact match, so now is the perfect time to check and update them.