The service compares the recipient’s name with the name of the account holder associated with the specified IBAN before the payment is confirmed
From 1 December 2026, banks in Bulgaria will begin gradually introducing the Verification of Payee (VoP) service. It checks whether the name of the person or organisation to whom a customer is sending money matches the account holder associated with the specified IBAN. The check is performed before the transfer is confirmed. This provides customers with additional protection against transfers to the wrong account and fraud involving the substitution of the recipient’s name or IBAN.
By 1 January 2027, the service will be provided by all banks and other payment service providers in the country.
The check is free of additional charge and applies to standard and instant credit transfers in euro initiated through mobile or online banking, as well as at a bank branch. Its introduction is in line with the European requirements for safer payments laid down in Regulation (EU) 2024/886.
Customers will continue to enter the recipient’s name and IBAN as before. The check will be integrated into the transfer initiation process, with no need to request it separately. It will normally take just a few seconds, and before confirming the payment the customer will receive one of four possible results:
- Match – the name entered matches the name of the holder of the specified account.
- Close Match – the names are similar but do not match exactly. The customer will see the name associated with the account so that they can check and correct the details.
- No Match – the name entered does not match the name associated with the specified IBAN.
- Unable to Verify – for example, due to a temporary technical problem or because the recipient’s bank has not yet introduced the service.
If there is a mismatch or verification cannot be performed, customers should carefully check the details and, if in doubt, contact the recipient through a known and reliable channel. If they disregard a mismatch warning, they risk sending the funds to a different recipient. The decision whether to proceed with the transfer rests entirely with the customer.
Customers can check in advance the names of recipients saved in their online or mobile banking. Instead of nicknames, abbreviations or descriptions such as “Mum” and “Rent”, they should use the individual’s full name as shown on their identity document, or the official name of the company associated with the account.
When providing their details to receive a transfer, individuals and businesses should likewise specify the correct IBAN and the name in which the account is held. More information about the service and answers to frequently asked questions are available on the website of the Association of Banks in Bulgaria (ABB).
