How do “close match” results work in Verification of Payee (VoP)?

If the name provided does not exactly match the account holder’s name linked to the IBAN, the European Payments Council (EPC) service may return a Close Match result. For example, if “Joshee Alvarez” is submitted and the account holder is “Jose Alvarez,” this would be considered a close match.

In such cases, the client must review and confirm the name discrepancy before proceeding with the payment or choose to cancel the payment.