At Xace, precision is everything — especially when your business moves money across borders.
From 9th of October 2025, all euro payments processed through Xace will include an additional verification step known as Verification of Payee (VoP).
This feature confirms that the account name matches the IBAN you’re paying before your transfer is sent. You’ll instantly see one of three results:
✅ Match – The name and IBAN align.
⚠️ Close Match – The details are similar; please double-check.
❌ No Match – The name and IBAN do not correspond.
VoP is being introduced across the European payments system to reduce mis-directed payments and fraud.
While Xace is not regulated under EU law, our SEPA banking partners are — and we’re adopting VoP across our euro payment flows to keep your transactions seamless, compliant, and secure.
What changes for me?
Not much at all and if you have used our GBP accounts, this will feel very familiar. When adding a payee, we will check if the account details provided match what the destination institution holds on record.
Positive
Negative
Close, but not exact
Nothing else changes. You can still proceed with a payment even if the system warns of a mismatch — but this new visibility helps you stay firmly in control.
What you’ll notice:
A new verification message appears when creating or approving euro payments.
Batch and file uploads will automatically bypass checks
Results are logged in your payment history for audit and compliance traceability.
When it starts
VoP will be available in your Xace accounts ahead of the EU go-live date on 9 October 2025.
Why we’re implementing it
Because accuracy and control aren’t optional — they’re the standard you expect from Xace.