How will Verification of Payee apply to payments submitted via FX360, SFTP/file upload, and EBICS from 15 June 2026?
From 15 June 2026, Verification of Payee will be extended to cover EUR credit transfers to Eurozone beneficiaries submitted through FX360, SFTP/file upload, and EBICS, in line with the EU Instant Payments Regulation. With this update, VoP coverage across Convera’s eligible payment channels is complete, following the earlier rollout for online and API channels in 2025 and the extension to GPFS payouts and MassPay refunds in April 2026.
When you submit a file containing one or more EUR payments to Eurozone beneficiaries, each individual payment is assessed for VoP eligibility and a check is performed against the EPC VoP scheme. The outcome determines how the payment progresses:
- Match, Close match, or Verification not possible: the payment will proceed automatically with no action required from you.
- No match for FI customers and Trade and Service customers: the payment will be held and will not be settled. Your Convera account representative will contact you to inform you of the outcome and you will be asked to confirm the correct beneficiary details directly with your beneficiary or their bank. Once you have verified the details, you will need to resubmit the payment with the corrected information. Convera will not amend or resubmit the payment on your behalf, this is a regulatory requirement under the EU Instant Payments Regulation, designed to ensure that payment authorisation remains with you as the payer.
The remaining payments in your file will continue to be processed as normal, subject to their own VoP outcomes. For the majority of payments, no delay will be experienced.
If you have opted out of VoP for bulk payments, VoP will not be performed on payments submitted together as a package through these channels. VoP remains mandatory for any single EUR payment, including a single EUR payment submitted within a bulk file. Please refer to the opt-in/opt-out section above for further information.
No specific action is required to receive VoP, the service will be enabled automatically on 15 June 2026 for all eligible EUR payments submitted through these channels. We recommend reviewing your beneficiary records to ensure payee name and IBAN combinations are accurate, and confirming that your authorised contacts and account representative details are up to date so that we can reach you promptly in the event of a “No match” outcome.
For further information, please contact your Convera account representative or customer support team.