Verification - VoP

Verification of Payee (VoP) for Banks and PSPs in SEPA

Comply with the EU Instant Payments Regulation with real-time name and IBAN verification across SEPA Credit Transfers (SCT) and SCT Inst.

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What is Verification of Payee (VoP)?

Verification of Payee (VoP) is a real-time pre-execution validation service that checks whether the name of the intended payee matches the name registered on the bank account associated with a given IBAN. Here’s how it works:

1. Payee data is submitted

IBAN + payee name via your checkout, app, or back-office system.

2. Devengo queries the VoP scheme

Real-time verification across European VoP infrastructure to validate the combination of name and account.

3. VoP Check Result

The service returns one of several outcomes—Match, Close Match, No Match, or Unable to Match—as defined in the VoP rulebooks.

4. Decide how to proceed!

Based on your internal risk policy, you may proceed with execution, request user confirmation, trigger enhanced due diligence, or block the payment. Devengo provides the compliant infrastructure layer, while decision-making remains under your control.

Verification of Payee Key Outcomes

Ensure accurate payee verification, reduce fraud risk, and streamline payments across SEPA.

Compliance with European VoP Requirements

Meet all VoP scheme requirements for SCT and SCT Inst, ensuring adherence to the EU Instant Payments Regulation.

Fraud and Risk Mitigation

Reduce exposure to Authorized Push Payment (APP) fraud through real-time name + IBAN verification before payment execution.

SEPA-Wide Coverage

Validate payee accounts across all SEPA jurisdictions through a single, compliant integration layer.

Operational Efficiency

Remove friction and automate verification in onboarding, payouts, treasury, and high-value or cross-border SEPA payments.

Use Cases for Banks and PSPs

  • Customer onboarding and KYC flows
  • High-value or high-risk payments
  • Recurring payouts and collections
  • Cross-border SEPA transfers
  • Integration with fraud detection and risk scoring systems

FAQs

  • No, Devengo is not a bank, it’s a Payment Service Provider. While banks offer various financial services, PSPs specialize mainly in facilitating money movement and payment transactions. PSP is a legal entity providing payment services (e.g. issuing cards, acquiring payments, the authorization transactions) enabling the transfer of money between end users. Both (banks and PSPs) play important roles in the financial system, but their focuses and scopes are different, as is their regulation.
  • We operate in 36 countries in the EU, thanks to SEPA schemes. You can learn more about SEPA here. We will continue to expand our reach to other countries.
  • Yes, Devengo services require the creation of at least one account (IBAN) in our system by our clients to be able to send and receive instant payments.
  • Yes, at Devengo we take the client’s onboarding very seriously to prevent financial markets from being misused for criminal activities. If you want to know more about the AML process, here is more information.
  • The time it takes for a customer to integrate our API varies based on the technical capabilities of the company. Some companies have gone from creating a sandbox account to operating in production within 10 days.
  • No, our service specializes in direct account-to-account instant payments—transfers between accounts without intermediaries, like card systems. It operates bidirectionally, accommodating both push payments (initiated by the payer) and pull payments (initiated by the payee).
  • No. Open Banking allows third parties to access customers’ financial data and services through open bank APIs, so there is no need to create new accounts. Devengo, in contrast, deploys its entire infrastructure to have full control over the entire payment process, with no dependencies on the banks and their services (or lack thereof).
  • Yes, at Devengo we take the client’s onboarding very seriously to prevent financial markets from being misused for criminal activities. If you want to know more about the AML process, you can find more information here.
  • No, Devengo currently only offers accounts in euros. We are working on expanding our offer.
  • Yes, you will be able to create different account holders in addition to your own. Furthermore, you can orchestrate their A2A instant payments with the same API access and manage them from a single control panel.
  • A virtual IBAN is a digital representation of a traditional bank account’s IBAN, enabling secure and convenient transactions. It offers merchants advantages such as increased security, cost savings, and greater convenience. Transactions can be processed without a physical bank account, reducing the risk of fraud and improving payment processing times. It ensures privacy, simplifies payment tracking, and streamlines the transfer process. Devengo will be able to offer virtual IBANs very soon.
  • At Devengo we apply a customized pricing policy that is tailored to the specific needs of each client. Our rates are not fixed, but are determined based on several key factors of your business. Factors that determine your fee
    • Risk profile: Business sector, jurisdiction and compliance analysis.
    • Use case: Type of operations, countries of operation and services required.
    • Expected volume: Number and frequency of monthly transactions.
    However, as a payment institution supervised by the Bank of Spain, we provide you with the Commissions Information Document, where you can consult the maximum commissions and fees applicable to the most representative services associated with the payment account. This document, prepared in accordance with current regulations, is available on our website. For any additional questions, our commercial team will be at your disposal and will prepare a personalized proposal with the exact fees that would apply to your particular case, without obligation.
  • Push payments are transactions activated by the payer. A common transfer that users start from their bank app is a push payment, more specifically a payout. When the beneficiary receives the money in her bank, it is also considered a push payment, in this case, it’s a pay-in. Pull payments, on the other hand, are a payment transaction activated by the beneficiary.
  • The SEPA Instant Credit Transfer (SCT Inst) scheme allows transfers of up to €100,000 to be completed in less than ten seconds. SCT Inst transactions are available in multiple European countries, intending to expand to all 36 SEPA countries and territories progressively. To learn more, read our SEPA 101 guide.
  • You can create a pay-in with the expected status in our system, wait to receive the payment, and automatically reconcile the transaction. This will provide reliable monitoring of cash balances across all your business accounts.
  • The success ratio varies depending on several factors: whether the clearinghouse has had a problem, whether or not the destination banks have had a service outage and other possible aspects. But currently, thanks to our Smart Retry System, we can be proud of having a 3-month average delivery ratio of 99.7254% (and every month we increase this success rate). If you want to know more about our Smart Retry system, read our article here.
  • Similar to the success ratio, the instantaneity of the payouts depends on multiple factors. So that you can appreciate what percentage we usually have, we give you an example: currently, we have an average instant ratio of the last 3 months of 98.7433%. If you want to know more about instant or regular transfers, you can read our article about it here.
  • Pull payments are payment transactions that the payee triggers. For example, a direct debit is a pull payment. Push payments, conversely, are payment transactions that the payer triggers.
  • SRTP allows European businesses to request payments, whether in-person or online, from customers for amounts up to €100,000.
  • SRTP aims to prompt payment from a payer by having the creditor issue a payment request, while payment initiation involves the payer independently initiating the payment process. RTP involves information exchange between the creditor and payer, with the payer retaining the final decision on payment initiation. In contrast, payment initiation requires the payer to take responsibility for initiating the payment by providing the necessary details. It’s crucial to note that Request to Pay is not a standalone payment method and needs to be paired with a payment solution, like Devengo Instant Payments. If you want to know more about PISPs and how Devengo can help them, read here.
  • When a good number of banks participate in the scheme and its use has been democratized.
  • Valitic is the leading industry solution for validating bank account ownership in Spain, created by Iberpay. This tool allows you to instantly and fully digitally verify whether a bank account is truly associated with its declared holder. It works through cross-validation between the IBAN and the NIF/CIF/NIE, providing an instant response (OK/KO) in less than one second. At Devengo, as a partner entity directly connected to Iberpay, we offer you secure and easy access to Valitic through our API.
  • Valitic verifications are instant, with an average response time of one second. The service is available 24/7/365, meaning you can verify accounts at any time of day, including weekends and holidays.
  • Yes, Valitic strictly complies with the GDPR and all current data protection regulations.
  • The key difference with Valitic is that it requires no user interaction. Valitic automatically verifies using NIF/CIF/NIE + IBAN without interrupting the user flow, avoiding friction and ensuring a seamless experience for collecting and paying suppliers and/or customers. ? Read the full article on different ways to verify a bank account.
  • Devengo offers a simple and quick integration of Valitic through our modern REST API. Our technical team will support you throughout the implementation process, from technical documentation to testing in a development environment.
  • Valitic’s fees vary depending on the volume of queries. We offer scalable plans for businesses of all sizes — from small companies to large corporations. Contact our sales team to receive a personalized quote tailored to your specific business needs.
  • Verification of Payee is a service that checks whether the name of the intended payee (individual or company) matches the name registered on the bank account behind an IBAN or other identifier, before a SEPA credit transfer is executed.
  • Verification of Payee is supported throughout SEPA countries under the European Instant Payments Regulation.
  • Yes. You can combine Verification of Payee, Account Access Verifications, and Valitic (for Spanish accounts) via Devengo’s APIs to verify account ownership, confirm access, and reduce payment errors across flows such as onboarding, payouts, or risk scoring.
  • Credit Institutions, Payment Institutions (PIs), and Electronic Money Institutions (EMIs) offering euro credit transfers within SEPA.

  • Get in touch to discuss your specific use case and regulatory obligations

  • OCT Inst (One-Leg Out Instant Credit Transfer) is the European Payments Council's scheme for instant euro payments between the SEPA area and countries outside SEPA. It defines the rules that allow regulated institutions to connect SEPA Instant with domestic instant payment systems outside SEPA, through a common operational and compliance framework. For example, a payment can be sent instantly from a bank in Spain to a recipient using Mexico's domestic instant payment system, or in the opposite direction, a Brazilian sender can send an instant payment to a German recipient. Devengo is the first non-bank institution certified under the scheme, providing the regulated infrastructure that connects these payment systems.
  • Correspondent banking relies on a chain of intermediary banks, each introducing its own processing times, fees and compliance checks. The result is slower settlement, limited transparency and unpredictable costs. OCT Inst replaces that model with a direct regulated connection between SEPA Instant and non-SEPA domestic instant payment systems, enabling instant payments, transparent pricing and full payment visibility without the complexity of multiple intermediaries.
  • Devengo acts as the regulated bridge between a non-SEPA domestic instant payment system outside Europe and SEPA Instant. For example, for an incoming payment to a SEPA beneficiary, a non-SEPA institution sends a payment instruction to Devengo through a single API integration. Devengo validates the transaction, applies the relevant compliance checks and settles the euro leg directly on SEPA Instant rails. The counterpart institution never needs to hold a SEPA Instant connection, a European banking license or a treasury relationship with the beneficiary’s bank in the Eurozone. Devengo absorbs that regulatory and infrastructure layer entirely.
  • If your current provider relies on correspondent banks or multiple intermediaries, you are likely absorbing FX costs, settlement times measured in days and limited visibility into payment status. Devengo connects the two instant rails directly, removing intermediaries, lowering the costs, allowing for truly instant payments.
  • EPC certification matters because it confirms an institution meets the scheme's technical, operational and liability requirements to move OCT Inst transactions. Devengo is the first non-bank institution to hold this certification, which means the connection is recognised at the scheme level rather than relying on a private agreement layered on top of existing rails. For a counterpart institution, this certification is the assurance that the euro leg of the payment follows the same rulebook, dispute process and settlement finality as any other SEPA Instant transaction, without needing to verify Devengo's setup case by case.
  • Three types of institutions typically integrate with Devengo. Domestic non-SEPA PSPs, traditional banks and digital neobanks use the corridor to offer faster, more predictable remittance and B2B payment flows into Europe. Traditional banks use it to modernise a correspondent relationship that has become slow or expensive. European fintechs, traditional banks and digital neobanks use it to reach Latin America, the Middle East or Asia without building and maintaining the connection themselves. The common thread is a regulated institution that already moves payment volume and wants to remove a structural bottleneck in its cross border euro flows.
  • Mexico is now live as Devengo's first live OCT Inst corridor. Argentina and Chile are currently work in progress, moving through technical and regulatory steps toward launch. Canada, Brazil and Colombia are at an earlier stage, where Devengo is actively looking for local partners to define the corridor together. These markets are the starting point of a broader target across Latin America, the Middle East, Africa and Asia. The sequencing follows where demand and the right local partner show up first, not a fixed roadmap, so an institution in any of these regions can register interest now, even outside the markets already named.
  • If you're a regulated financial institution outside SEPA with direct connectivity to your domestic instant payment system, we'd love to hear from you.  Reach out to our team and we will get back to you within 24 hours.

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We will offer you the solution that is most efficient and convenient to solve your money flows, whatever they may be. We’d love to hear from you.