Verification of Payee (VoP)

Because it adds an extra security mechanism to your transfers, whether immediate or standard priority. It ensures reliability in your payments and minimizes possible errors.
With VoP, before completing the transaction, you can verify the recipient’s details and ensure that your money is transferred to the correct beneficiary.

For all SEPA transfers (either standard SCT or instant SCT) to a third-party account:

• At the Cooperative Bank of Chania
• At other domestic or foreign banks within the Single Euro Payments Area (SEPA).

The VoP check is an integral part of the transfer process. It is carried out once you have entered the beneficiary’s details and before execution.

VoP returns one of the following outcomes for each order, based on the beneficiary’s details as recorded at their bank:

• Full Match:
  • The declared TIN matches the beneficiary’s TIN.
  • The declared Name/Corporate Name exactly matches the details recorded on the beneficiary’s account.
• Partial Match:
  • The declared Name/Corporate Name resembles, but does not exactly match, the beneficiary’s details.

The recipient’s details appear as registered at their bank.

• No Match:

If the beneficiary’s TIN was entered and verification by TIN is supported by their bank, you are notified that it does not correspond to the correct beneficiary.

The declared Name/Corporate Name does not match the beneficiary’s name registered for that account number at their bank. If the beneficiary’s bank supports it (domestic banks only), the beneficiaries of the account may appear with masked characters.

• Unable to Verify:

Verification of the beneficiary’s details is not possible either because their bank does not yet support the service, because their account has restrictions (e.g., closed, blocked, etc.), or due to other technical reasons.

The VoP service is informational in nature; therefore, you decide whether to execute the transfer based on the check results. The service does not “stop” the execution of the transfer on its own — your consent is required to complete or cancel your transaction.

Yes. The process of crediting the payment order by the beneficiary’s bank is separate from the VoP check. Any reasons that could lead to rejection during processing still apply.

The service is provided free of charge, with no additional cost.

Verification of Payee is carried out through all available transaction channels of our Bank.