23.10.2025Even More Secure Transfers – The New “Verification of Payee” Service Is Now Live
Starting October 23, 2025, customers of Municipal Bank AD will benefit from a new service – Verification of Payee (VoP) – another step toward safer and more modern euro payments within the European Economic Area (EEA).
VoP is a key component of the EU Regulation on Instant Payments, designed to protect customers from fraud and erroneous transfers by verifying whether the entered recipient name matches the provided IBAN – all within seconds.
What is the “Verification of Payee” service?
When initiating a euro transfer (SEPA or SEPA Instant), the payer’s payment service provider (PSP) automatically sends a query to the recipient’s PSP. Within up to 5 seconds, the system checks whether the recipient’s name and IBAN match and returns one of the following responses:
- “Match” – the entered details fully correspond.
- “No Match” – the IBAN and name do not match; it is recommended not to proceed with the transfer.
- “Close Match” – the name may be misspelled or partially entered but is like the actual name. In such cases, the recipient’s PSP returns the correct name, which is displayed in the message, allowing the payer to decide whether to confirm the transfer.
- “Unable to Verify” – for example, if the recipient’s PSP does not yet support VoP, the account is closed, or the PSP is temporarily unavailable due to technical reasons.
In Bulgaria, the service becomes mandatory as of January 1, 2027.
What are the benefits for you?
- Improved security – real-time verification of name and IBAN match.
- Protection against fraud and errors – avoid accidental or malicious transfers.
- Convenience and accessibility – available via:
- the MB-mobile app,
- online banking,
- all branches and business centres of Municipal Bank AD during working hours.
- Available 24/7/365 – whenever you need it.
- Free of charge – no fees for customers.
- Also available for internal euro transfers within the bank.
Who is it for?
The VoP service is available to both individuals and legal entities. It is activated upon confirmation or selection by the customer and is available regardless of the chosen banking channel.
For more details, please refer to:
- General Terms and Conditions of Municipal Bank AD for Payment Accounts and Services for Individuals
- General Terms and Conditions of Municipal Bank AD for Payment Accounts and Services for Corporate Clients
Or contact a representative at your nearest branch or business center.