What is Verification of Payee? – Soldo support centre

Verification of Payee is a new security step for SEPA and SEPA Instant payments. It checks whether the name of the person or business you’re paying matches the name registered on their bank account.

This check helps prevent fraud, avoid misdirected payments, and gives you more confidence when adding new payees.

Verification of Payee checks are carried out:

When you add a new payee
When you make a SEPA or SEPA Instant payment

Verification of Payee will be available from October 2025 across Soldo’s Bank transfer feature.

What payee details do I need?

To add a new payee, you’ll need to enter the following:

Payee name (as it appears on their bank account)
IBAN (International Bank Account Number)
Account type (Business or Personal)

Important: The name must match exactly. Even small differences, such as missing middle initials or using a nickname, can result in a mismatch.

What do I need to do?

Verification of Payee is integrated into our Bank transfers feature. When you add a new payee, enter the details as described above and we'll check that the details entered match with the bank. There are a number of possible outcomes:

Match - The details you've provided match with the payee account record.
Partial match - The details you've provided are similar but may require your review.
No match - The details you've provided don’t match the bank account you provided.
Unable to check - The payee bank may not support Verification of Payee checks.

You will be able to see the result of the Verification of Payee check as soon as it completes:

Can I still pay someone if their name doesn’t match?

Yes, you can proceed with the payment but only if you're certain the payee is legitimate. If the Verification of Payee result is ‘No match’ or ‘Partial match’, and you continue, you’ll be doing so at your own risk.

We strongly recommend that you always confirm the account details with the payee before continuing.

Why Verification of Payee matters

Helps avoid sending money to the wrong person or company.
Reduces payment delays and errors.
Protects against fraud.
Gives you greater confidence when adding payees and making bank transfer payments.

Where is Verification of Payee available?

Verification of Payee applies to all SEPA and SEPA Instant payments made via Soldo’s Bank transfer feature. It'll be available to EU customers from October 2025.

Verification of Payee checks will apply to:

Soldo web app
Soldo mobile app (ensure your mobile app is updated with the latest version available in the App store and Google Play store.)

What’s the difference between Confirmation of Payee and Verification of Payee?

Confirmation of Payee (CoP) is used in the UK. It checks that the name you enter matches the account holder's name for payments made using sort code and account number. For more information on Confirmation of Payee for UK customers, refer to this article: What is Confirmation of Payee?

Verification of Payee (VoP) is used across the EU. It checks that the name you enter matches the account holder's name for SEPA and SEPA Instant payments using IBAN.

Both features help prevent fraud and misdirected payments.