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

  • Is Devengo a bank?

    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.

  • Where does Devengo operate now?

    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.

  • Is it necessary to create an account (IBAN) with Devengo to operate?

    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.

  • Is it necessary for my company and clients to go through an AML onboarding to operate?

    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.

  • How long does it take for a client to integrate our API?

    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.

  • Does Devengo offer card-issuing services?

    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).

  • Is Devengo offering its services through Open Banking?

    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).

  • Is it necessary for my company and clients to go through an AML onboarding to operate?

    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.

  • Can I create accounts in different currencies?

    No, Devengo currently only offers accounts in euros. We are working on expanding our offer.

  • Can I create and orchestrate accounts for my clients?

    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.

  • What is a virtual IBAN?

    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.

  • Information on Commissions and Fees

    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.

  • What are Push Payments?

    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.

  • What are SEPA Instant Payments?

    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.

  • How do we help with automatic payment reconciliation?

    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.

  • What percentage of the Devengo Payments are delivered?

    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.

  • What percentage of the Devengo Payments are instant?

    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.

  • What are Pull Payments?

    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.

  • What is the Request-to-Pay scheme?

    SRTP allows European businesses to request payments, whether in-person or online, from customers for amounts up to €100,000.

  • What is the difference between Payment initiation and Request to Pay?

    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 will SRTP be operational in Devengo?

    When a good number of banks participate in the scheme and its use has been democratized.

  • How does Devengo's Account Access Verification service currently work?

    Our API can authenticate any bank account in the EU (SEPA network) with a simple integration from your side. Learn how to verify your users with an instant micro-payment:

    1. You make a request with the name and the IBAN of the recipient
    2. We send the recipient a 1ct instant payment with a code in the description that only they have access to
    3. The recipient enters the payment code into your interface
    4. Finally, simply make a request to Devengo to verify the account

  • In what countries will Devengo offer this service?

    We operate in 36 countries in the EU, thanks to SEPA schemes.

  • What is Valitic and how does it work?

    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.

  • How long does it take to verify account ownership with Valitic?

    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.

  • Is Valitic compliant with data protection regulations?

    Yes, Valitic strictly complies with the GDPR and all current data protection regulations.

  • What sets Valitic apart from other verification services?

    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.

  • How can I integrate Valitic into my system?

    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.

  • What are the fees for using Valitic?

    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.

  • What is Verification of Payee?

    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.

  • In which countries is Devengo VoP available?

    Verification of Payee is supported throughout SEPA countries under the European Instant Payments Regulation.

  • Can I combine VoP with other verification methods?

    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.

  • Who should implement VoP?

    Credit Institutions, Payment Institutions (PIs), and Electronic Money Institutions (EMIs) offering euro credit transfers within SEPA.

  • Ready to get started?

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

Let us find the best financial infrastructure for your case

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.