Verification of Payee (VoP) is a new requirement that has been introduced as part of the EU (European Union) Instant Payments Regulation and will come into effect on October 9, 2025. This regulation aims to build trust and reduce fraud, particularly for digital and high-speed transactions. VOP will involve validating that for any instruction to make a payment, the bank account number (IBAN) matches the beneficiary’s name before such instruction is processed.