The VoP scheme allows for the immediate verification of the payee’s name by the payer prior to the execution of a SEPA Instant Credit Transfer (SCT Inst) or SEPA Credit Transfer (SCT). For legal entities, additional identification details (e.g. VAT number) may also be used where applicable.

VoP enables the payer’s Payment Service Provider (PSP) to verify, in real time, that the name of the payee entered by the payer corresponds to the declared IBAN.
If there is a discrepancy or partial match, the result must be communicated to the payer before the transaction is approved. The decision to proceed with the payment, after being presented with the VoP result, rests solely with the payer.
As a result of integrating VoP into the IRIS payments service, these transactions now display the full name of the payee, enhancing transparency and trust between the parties.

Within the VoP framework, DIAS operates as an RVM (Routing and/or Verification Mechanism) — essentially acting as a technical intermediary between the payer’s bank and the payee’s bank, providing routing of verification requests and real-time validation of payee details.

DIAS’ pivotal role as RVM enables connectivity both among its member banks and with PSPs across Europe that are subject to the VoP obligations.
Adoption of the VoP scheme is mandatory for all PSPs offering SEPA credit transfers within the EEA and aims to ensure interoperability, enhance the security of electronic payments, significantly reduce fraud and impersonation incidents, and ultimately increase end-user trust in the payments ecosystem.

As the central hub for interbank transactions in Greece, DIAS, in close collaboration with its member banks, has successfully complied with the technical and operational specifications of the VoP scheme, ensuring timely implementation for all involved stakeholders.

“DIAS’s participation in the European Verification of Payee scheme is yet another step in our mission to enhance the security, reliability, and transparency of electronic payments.
As the RVM in the new scheme, we actively support the Greek banking sector’s compliance with European obligations, contributing to a safer environment for citizens, businesses, and PSPs alike.
DIAS continues to operate as a trusted partner to the banking community, promoting safety, transparency, and compliance in the payments ecosystem, fully aligned with European developments,” stated Stavroula Kampouridou, CEO of DIAS.