On October 9, 2025,  a new security measure came into effect for money transfers under the European Payment Services Regulation (PSR): Verification of Payee (VoP). For every transfer, the entered recipient’s name is now checked against the account holder of the specified IBAN. The purpose of this measure is to prevent misdirected payments and detect fraud attempts at an early stage.

The Outbank app has already been updated accordingly. Make sure that you have the latest version of the app installed on your device.

How does Verification of Payee Work in the Outbank App?

In Outbank, the verification takes place directly during the transfer process. The following verification results can be sent back by the bank:

• Match (RCVC):
  A confirmation will be displayed at the end of the payment if the name and IBAN match.

A warning will be displayed if discrepancies are identified. In such cases, users can decide whether to proceed with the execution of the transfer—in which event liability is excluded on the part of the payment service provider—or to cancel the transaction and correct the details.

• Close Match (RVMC):
  The IBAN and name are almost identical. The recipient name as registered at the receiving bank is displayed.

• No Match (RVNM):
  The IBAN and name do not match.

• Check not Possible (RVNA):
  If verification cannot be performed, an appropriate message will be shown.

Which transactions must be verified?

Verification of Payee will be performed for SEPA credit transfers, instant payments, standing orders and scheduled payments.  The same applies to collective transfers, tha only entail one transaction.
This security measure is legally required and cannot be disabled manually.
Exception for business users: For collective transfers, PSR provides special conditions and exceptions. In certain cases, banks may offer an opt-out, allowing the verification of payee to be deactivated.

To-dos / Tips for Payment Recipients

To ensure that payments are processed smoothly, make sure that your payers enter the name under which your account is held at the bank. For business customers, this is usually the name which is listed in the commercial register. A different name in the transfer order may result in your payers not authorizing their payments.

• Clearly instruct payers which name must be used in the transfer order to avoid failed or delayed payments.

• Verify that your name is correctly stored at your bank. Contact your bank if corrections are needed.

• Update invoices, contracts, and letter templates to ensure the correct name is used.

• If customers know you by mulitple names, add an alias (commercial name) at your bank.
  Be mindful of character limits (e.g., 27 characters on paper transfer forms).
  Note: Availability of this feature depends on the bank.

Do you need help?

If you experience any issues after October 9th, please reach out to our technical support directly via your app under ‘Settings’ > ‘Help’ > ‘Contact Support’.