A new check for safer payments
Verification of Payee (VoP) is a new service designed to make bank transfers more secure and help customers avoid sending funds to an unintended account.
The service will be introduced gradually by banks in Bulgaria from 1 December, with a final deadline of 1 January 2027. Bank customers will be able to use this additional check when initiating credit transfers. VoP applies:
- to standard and instant SEPA credit transfers in euro (including transfers within the same bank);
- regardless of the channel – mobile app, online banking or in person at a bank branch;
- to payment service providers – banks and non-bank payment institutions;
- to individuals and legal entities.
The service is available 24 hours a day, 7 days a week, 365 days a year. In countries that adopted the euro before 1 January 2026, the service has already been offered since 9 October 2025.
Here is what you need to know.
1. What is Verification of Payee?
Verification of Payee, or VoP, is a service that checks whether the recipient’s name entered by the payer matches the name associated with the specified payment account identifier (IBAN) to which the transfer is being made.
The check gives you additional information before you decide whether to make the payment.
2. Why is Verification of Payee being introduced?
VoP is being introduced in the EU/EEA to increase the security of transfers and covers both standard credit transfers and instant SEPA credit transfers.
The service aims to help:
- increase customers’ security and confidence when making bank transfers;
- prevent funds from being sent to an unintended account;
- reduce the risk of certain types of fraud, including, but not limited to, cases where malicious actors provide an IBAN that does not belong to the person or organisation the customer believes they are paying.
VoP is an additional security measure. It does not remove the need to carefully check payment requests and remain alert to potential fraud. Nor does it prevent a transfer from being made despite an unfavourable verification result.
3. How does Verification of Payee work?
When you enter the recipient’s IBAN and name, your bank sends a verification request to the recipient’s bank.
Communication between the payment service providers involved in the payment order may take place directly or through an intermediary licensed for this activity.
Once the request is received, the details in the payment order are compared with the information associated with the relevant account – the name of the individual or organisation receiving the payment.
You see the verification result before confirming the transfer.
The check normally takes only a few seconds.
4. What are the possible Verification of Payee results?
There are four possible verification results:
MATCH
The name you entered matches the name associated with the account identifier (IBAN) to which you are making the transfer.
You may receive a brief visual and/or text confirmation from the bank, indicating, for example, that the name matches:
- the recipient’s name;
- the name in which the recipient’s IBAN is registered, etc.
CLOSE MATCH
The name you entered is similar to the name associated with the specified IBAN but is not an exact match.
The message from your bank may indicate that the name is very similar but does not exactly match the name you entered. The message will contain the correct name under which the IBAN to which you are making the transfer is registered. You can use it to replace the name you entered.
NO MATCH
The name you entered does not match the name associated with the specified IBAN.
In the event of a “NO MATCH” result, the bank is not permitted to stop the payment. As the payer, you must decide whether to cancel or proceed with the payment.
Check again that the recipient’s name and IBAN have been entered correctly. If you are unsure of the details, you can contact the person or organisation you intend to pay using contact information you know to be reliable.
If you decide to proceed without correcting the recipient’s name or IBAN after a “No Match” warning, bear in mind that the funds may be transferred to a payment account not held by the recipient named in the payment order. The bank will not be liable if the funds are credited to an account that does not belong to the recipient you specified.
UNABLE TO VERIFY
This message may appear because of a temporary technical problem, the closure or blocking of the account, or because the recipient’s payment service provider does not yet participate in the Verification of Payee service.
Carefully check the payment details before deciding whether to proceed, to avoid sending your money to an account that does not belong to your intended recipient. If you decide to proceed without changing the recipient’s name or IBAN, the bank will not be liable if the funds are credited to an account that does not belong to your specified recipient.
5. Will VoP apply only to instant payments?
No.
Verification of Payee is intended to apply to both SEPA credit transfers and SEPA instant credit transfers.
The purpose of the service is the same in both cases: to allow you to check the recipient before confirming the transfer.
6. For which transfers might Verification of Payee (VoP) not be performed?
Изключение от изискването за извършване на Проверка на получателя (VOP) е възможно само:
- при платежни операции, инициирани въз основа на платежни нареждания на хартиен носител, когато платецът не присъства в момента на обработване на платежното нареждане;
- когато платецът не е потребител (физическо лице) и се е отказал от получаването на услугата, осигуряваща проверка при подаване на множество платежни нареждания – пакетно плащане.
- Дори платецът да се е отказал от използването на тази услуга, той има право по всяко време да избере да я използва отново.
7. Does a “Match” mean the payment is definitely safe?
No.
A “Match” means that the name and IBAN correspond.
You should therefore remain cautious about unexpected payment requests, unusual changes to payment instructions, requests to make an urgent transfer, and requests to ignore verification results.
8. Can Verification of Payee protect me against every type of fraud?
No.
VoP is an important additional safeguard, but it cannot prevent every type of fraud.
9. What name should I enter when paying an individual?
Use the person’s full name (preferably as shown on their identity document), rather than a nickname, abbreviation or description.
For example, it is better to enter “Ivan Petrov” than to save the recipient simply as “Ivan”, “Dad”, “Landlord” or another nickname.
Using the correct name will help the VoP check produce a more accurate result.
10. What name should I enter when paying a legal entity or another unincorporated body/organisation?
Use the correct registered or trading name of the company/organisation.
If you are unsure which name to use, check the recipient’s payment details or contact them through a reliable channel.
11. What happens with accounts that have more than one account holder?
For an account with more than one holder, the name you enter may be checked against the names associated with that account. Under the legal framework, the recipient’s bank must confirm whether the particular recipient is among the persons associated with that IBAN.
If you are unsure which name to use, ask the person you intend to pay how their name should be entered.
12. Is there a fee for Verification of Payee?
No. Customers are not charged an additional fee for Verification of Payee.
13. Do I need to request a VoP check myself?
For payments to which the service applies, the check will be part of the payment initiation process. Payment service providers operating in Bulgaria – banks and non-bank payment institutions – are required to provide the service from 1 January 2027.
You will normally enter the recipient’s name and IBAN as before, and your bank’s online or mobile banking service will display the verification result before you confirm the payment.
The way the result is displayed and the wording used may vary from bank to bank.
When submitting a payment order at a bank branch, the staff member assisting you will inform you of the verification result verbally.
14. What will happen to recipients I have already saved in my online or mobile banking?
These recipients will also be subject to verification, which is one reason to prepare in advance for the introduction of VoP.
Some customers have saved recipients under nicknames, shortened names or descriptions such as “Mum”, “Office rent” or “Electricity”.
These saved names may not match the name associated with the IBAN and may therefore produce a “Close Match” or “No Match” result.
Check as soon as possible that the names of your regular recipients have been entered correctly.
15. What information should I provide for Verification of Payee purposes in order to receive a transfer?
If you are an individual:
- your correct IBAN; and
- your full and correct name as shown on your identity document.
If you are a legal entity:
- your correct IBAN; and
- the full and correct registered or trading name associated with your account.
Accurate information will help the payer receive a successful VoP verification result.
16. Someone is telling me to ignore a “No Match” warning. What should I do?
Be especially careful.
If someone pressures you to ignore a VoP warning, this may be a sign of fraud.
Do not proceed with the payment simply because someone tells you the warning is “normal” or “does not matter”.
Verify the payment details independently using contact information you trust..
17. Will all banks in Bulgaria introduce Verification of Payee at the same time?
The service will be introduced gradually, with 1 January 2027 as the final deadline for banks and non-bank payment institutions.
This means that some customers will be able to use the service earlier, depending on whether their bank and the recipient’s bank have introduced it ahead of the deadline.
Due to the gradual rollout, verification may not be possible in some cases during the transition period.
18. Will Verification of Payee change the way I make bank transfers?
Only to a limited extent.
You will continue to enter the payment information through your bank’s mobile or online banking service or another supported channel.
The main difference is that, before confirming the payment, you may receive an additional message indicating whether the recipient’s name matches the specified IBAN.
This additional step is intended to help you make a more informed decision before sending the funds, but does not prevent you from initiating the transfer despite the result received.
19. Will all banks display the same VoP messages?
The VoP service is based on common European rules and standards. The way information is displayed on screen may vary between banks, but the four possible VoP messages are:
UNABLE TO VERIFY
MATCH
CLOSE MATCH
NO MATCH
20. Does Verification of Payee mean I no longer need to check the IBAN?
No.
Always check the payment details before confirming a transfer.
VoP is an additional safeguard, not a substitute for checking the details yourself.
21. Is the check only for mobile banking, or does it also apply to online banking?
The service must be performed regardless of the channel through which the payment is made – mobile banking, online banking or in person at a bank branch.
22. What is the most important thing to remember?
Check the name. Check the IBAN. Pay only when you are sure.
Match – you have additional reassurance that the details correspond.
Close Match – carefully check the reason for the discrepancy (for example, an incorrectly spelled or abbreviated name).
No Match – stop and check whether the holder of the account really corresponds to the IBAN.
Unable to Verify – exercise particular caution before proceeding.
Verification of Payee adds another layer of security to bank transfers, but the final decision whether to make the payment remains yours. If you decide to proceed with the transfer despite the message provided by your payment service provider, bear in mind that the funds may be transferred to a payment account that is not held by your intended recipient.
