News Details

SEPA Instant Outward Payments and Verification of Payee

Lombard Bank will be introducing SEPA Instant Outward Payments through the Branch network as of the 9 October 2025.

Verification of Payee before acceptance for processing of a SEPA Outward Payment or SEPA Instant Outward Payment will be conducted.

What is Verification of Payee?

Verification of Payee (VoP) is an added security measure which checks whether the beneficiary’s name matches that of the account details provided when making a SEPA payment. The VoP check result will determine whether the payment is processed and will return one of the four results:-

• Match means that the name of the beneficiary you want to pay fully matches the name and account details held by the beneficiary’s bank.

In such cases the payment will be processed as per your instructions with no further notification to you.

• Details do not Match means that the name of the beneficiary you want to pay does not match the name and account details held by the beneficiary’s bank.

We will notify you in such cases and ask you for further instructions.
You will have the option to:-

-          Provide the Bank with corrected details and request us to proceed with the payment.

-          Proceed with the payment keeping the details originally provided.

-          Cancel the payment.

These instructions must be communicated to the Bank via the Mailbox on the Bank’s Internet Banking Service. Should no instructions be received by the Bank within three working days from receipt of the SEPA payment instructions, the payment request will be cancelled and there will be no further processing. You will need to submit fresh payment instructions.

• Close Match means that the name of the beneficiary you want to pay does not fully match the name and account details held by the beneficiary’s bank. 
  
  We will notify you in such cases and ask you for further instructions.
  You will have the option to:-

-          Change the name you entered to that provided by the beneficiary’s bank and request us to proceed with the payment.

-          Proceed with the payment keeping the details originally provided.

-          Cancel the payment.

These instructions must be communicated to the Bank via the Mailbox on the Bank’s Internet Banking Service. Should no instructions be received by the Bank within three working days from receipt of the SEPA payment instructions, the payment request will be cancelled and there will be no further processing. You will need to submit fresh payment instructions.

• Verification not Possible means the VoP check of the name of the beneficiary you want to pay cannot be performed. The reasons for a Verifcation not Possible result include :-
  - The account in your payment instructions is closed.
  - The account number provided in your payment is incorrect.
  - The account you are paying is not in the SEPA Zone
  - The account in your payment instructions is not a payment account (e.g. Term Deposit or Loan Account).
  - A technical fault has occurred.

We will notify you in such cases and ask you for further instructions.
You will have the option to:-

-          Provide the Bank with corrected details and request us to proceed with the payment.

-          Proceed with the payment with the details originally provided.

-          Cancel the payment.

These instructions must be communicated to the Bank via the Mailbox on the Bank’s Internet Banking Service. Should no instructions be received by the Bank within three working days from receipt of the SEPA payment instructions, the payment request will be cancelled and there will be no further processing. You will need to submit fresh payment instructions.

We always recommend that you confirm the account details with the intended payee before continuing. Using unconfirmed payee details, may result in your money going to the wrong account. We may not be able to recover your money if that happens. The Bank shall not be liable for a defective execution of the payment should you provide incorrect details or, if after receipt of the VoP result, you opt to proceed with the original payment.

Updated Payment Services Terms and Conditions may be found here.

Further details about SEPA Instant Outward Payments and Verification of Payee (VoP) may be obtained from your branch by telephone or email.