The beneficiary check (Verification of Payee – VoP) is a mandatory European regulatory measure that will apply across the euro area from 9 October 2025.
This service is free and aims to fight fraud and payment errors.
In practice, before a transfer is validated and executed, the name and IBAN you have entered will be compared with the actual account holder linked to that IBAN. After this check by our systems, a message will appear to tell you whether the beneficiary details match or not. You remain free to confirm or cancel the transfer.
What’s the purpose?
- Prevent errors, such as typing mistakes or confusing IBANs.
- Reduce fraud, for example from fake beneficiaries or identity theft.
- Confirm that the IBAN really belongs to the intended recipient, whether an individual or a business.
How does it work with Sogexia?
- You enter the IBAN + First name and Surname or Company name of the beneficiary.
- Sogexia queries a secure interbank service to compare the name and IBAN you provided with the actual account holder.
- You receive a matching result (see below).
- You choose whether to validate or cancel the transfer.
How to read the messages and what to do?
| Message displayed | Meaning | What to do |
| Match confirmed. The details are correct. | The name you entered matches the account holder. | You can proceed. Stay alert as usual. |
| Partial match. Did you mean {{}}? | The name is similar (e.g. abbreviation, word order, accents). | Correct the name if you know you misspelled it. If unsure, compare with an invoice or contract, or contact the beneficiary via a trusted channel. |
| No match found. Please check the details before continuing. | The name you entered does not match the account holder. | Stop and verify: did the IBAN come from a trusted source? Did you use the legal name rather than a trading name? Contact the beneficiary via a trusted channel. |
| Name check not possible. Some banks do not share this information. This does not mean there is an error. | The beneficiary’s bank does not (yet) provide VoP or the check failed for technical reasons. | Be extra careful: confirm the IBAN independently (e.g. call an official number). |
Good reflexes to have if unsure
- Do not confirm a transfer if you have any doubts.
- Double-check the IBAN (character by character) and the legal name or company name.
- Contact the beneficiary via a trusted or official channel.
What are the known limits of VoP?
- The beneficiary check may not yet be available at all banks or in all countries: in this case, the likely message is “Name check not possible.”
- Long names, accents, apostrophes, aliases or trading names can generate a “Partial match.”
- VoP alone does not guarantee that an invoice is genuine.
Can I still send a transfer if “No match found” appears?
Technically, yes, but it is strongly discouraged unless you have independently verified the details.
Why “Partial match” if the IBAN is correct?
This may occur if the spelling, word order, abbreviations (e.g. “Ltd”), accents or name differ from the records at the beneficiary’s bank.
For example, you type “Central Bakery”. The check returns “Partial match” because the account holder is “Central Bakery Ltd”. → Verify and, if consistent, proceed.
How can I update beneficiary details?
If you see a partial match due to a spelling error in the beneficiary’s name and wish to update the details, go to “Transfers” > “Beneficiaries”: you will need to delete the beneficiary and re-add it with the correct details.
If it’s a trusted beneficiary (e.g. your landlord or a family member), you can proceed without updating the details.
Is beneficiary verification mandatory?
Yes, it is mandatory for each transfer order issued.