Important Information: Introduction of Verification of Payee (VoP) Service

In accordance with Regulation (EU) 2024/886 on instant credit transfers in euro (the Instant Payments Regulation, IPR), starting October 5, 2025, the Bank will implement a new Verification of Payee (VoP) mechanism for both standard SEPA credit transfers (SCT) and instant SEPA credit transfers (SCT Inst).

This Regulation requires banks and other payment service providers to verify whether the beneficiary name provided by the sender matches the data held by the beneficiary’s bank.

What is VoP (Verification of Payee)?

When initiating an SCT or SCT Inst payment (European or intra-bank transfer) via Internet Banking, the client enters the recipient’s IBAN and name (individual or company).
Before confirming the payment, the Bank will automatically verify whether the name entered matches the name registered with the recipient’s bank for the corresponding IBAN.

The result of this verification will be one of the following:

• Match – The entered name fully matches the name registered at the recipient’s bank.

• Close match – The entered name is nearly identical to the registered one (e.g., minor spelling differences, diacritics, transliteration, etc.). In this case, the Bank will display the version provided by the recipient’s bank — you may accept it or proceed with your entered name.

• No match – The entered name does not match the name registered at the recipient’s bank for the provided IBAN.

• No response – The check could not be completed (e.g., no response from the recipient’s bank, VoP service unavailable, closed account, etc.).

Your responsibility

• Even if the result is Close match, No match, or No response — it remains your decision whether to proceed with the payment. The check is a security measure, not a restriction. The Regulation requires the Bank to provide the VoP result and give the client the option to decide before confirming the payment.

• If the result is No match, it is recommended to double-check the entered details (recipient name and IBAN) to avoid errors and potential losses.

• If the result is No response, it is recommended to delay sending the payment and/or re-check the entered details.

Why this service is being introduced

• To reduce the risk of erroneous transfers (e.g., caused by entering the wrong recipient).

• To protect clients from fraud schemes, such as recipient name spoofing.

• To increase transparency in payments.

The Regulation requires payment service providers (PSPs, i.e., banks) to offer the VoP service free of charge for both SCT and SCT Inst transfers.

What will change for you

• For each transfer, you will see the VoP result before confirming the payment.

• In Internet Banking, after entering the recipient’s name and IBAN, a message will be displayed: “Match”, “Close match”, “No match” or “No response”.

• Regardless of the result, you remain in control — it is your decision whether to proceed.

• Information about your decision will be displayed in the Transactions section under Technical details.

If you have any questions about the new Regulation, the instant payment service, or the VoP check, please contact Bank Support or your relationship manager.

If you agree with the changes, no action is required — they will take effect on October 5, 2025.

If you do not agree, you have the right to immediately and free of charge terminate the agreements affected by these changes. In such a case, you must notify us in writing by October 5, 2025, and fulfill your obligations under these agreements.