What is Verification of Payee (VoP)?

Verification of Payee (VoP) is a security check required by the European Instant Payment Regulation (IPR). It helps make sure your money goes to the right person or business by checking that the IBAN and the name on the account match before you hit send.

VoP is a free, automatic security check. When you set up a payment, we check if the name you typed matches the name associated with the recipient account’s IBAN. It’s designed to stop fraud and prevent you from sending money to the wrong person by mistake. Understanding the verification results When you enter someone’s details, you will see one of four results. Here is what they mean and what you should do:

• Perfect match: This means the name matches the account exactly. You can send your payment.
• Partial match: This means there is a small difference, like a typo, missing middle name, or initial instead of full name. We suggest you use the name we show you to make sure the payment goes through smoothly. If you’re unsure, confirm the correct name with the recipient.
• No match: This means the name and account details do not match at all. This could be due to a mistake or a sign of a scam. Do not send the money until you talk to the person you are paying to get the right details. If you choose to send the money anyway and it goes to the wrong place, you’ll be liable for any loss.
• Not available: This can happen if the other bank is not set up for VoP, or if there’s a temporary technical issue. If you see this, double-check the IBAN and name with the person you’re paying before you go ahead.

The check works the same way for businesses. When you add a business as a recipient, make sure you enter their full legal trading name. This is the name they used to open their bank account. Using a nickname or a shortened version of the name might cause a no match result.

To use this security feature, you must update your app to the latest version. This update is required. If you don’t update your app, you won’t be able to send any payments. We require this update to make sure your money stays safe and that we’re following the new European payment laws. To update your app, find N26 in the App Store or Google Play Store and select ‘Update.’

If you don’t update your app, you’ll still be able to log in and see your balance, but you won’t be able to send money or use features that require these new security checks. You’ll be restricted from making payments until you’ve updated the app. What if my phone is too old for the latest app version? We know some older phones can’t run the latest app version. If your device isn’t compatible, you won’t be able to send payments through the app.

Yes, your money is completely safe. You’ll be restricted from sending money until you update, but your balance remains secure.

If your app crashes while making a transfer, please check two things:

1. Make sure you have the latest version of the N26 app installed.
2. Make sure your phone or tablet is running the latest version of its operating system (iOS or Android).