From October, all members making individual standard SEPA payments and SEPA Instant payments will automatically have a VOP check performed, and there is no option to opt out. This is part of the EU Instant Payments Regulation which aims to make euro payments safer and more reliable. It also aims to enhance trust in electronic payments and reduce certain types of fraud and errors.
What can I do to make everything run as smoothly as possible?
- Always enter the full name (first & last) of the payee correctly when saving a payee or making a payment.
- If you receive a close match or no match, check the account details with the payee via a trusted channel.
- Keep your saved payee details up to date to avoid delays.
- As a payee, you should always advise your payers of your full name as registered with your Credit Union or bank including both first and last names.