We are introducing Verification of Payee (VOP) a new security feature on our platform designed to enhance the safety of your payments. VOP ensures that the recipient information is double-checked before any payment is made, significantly reducing the risk of errors or fraud.
This initiative aligns with the recent regulations in Europe that emphasise securing instant payments and ensuring they reach the correct recipient. We are committed to advancing the security of your transactions, and as required by these new regulations, we will implement the payee verification process for all SEPA credit transfers by 5 October 2025.
To facilitate your understanding of the VOP process and its various outcomes, we have prepared a series of illustrative screenshots that clearly depict each scenario:
Exact Match: The client's name matches exactly with the name at the beneficiary bank, requiring no further action from the client or partner.
Close Match: The client's name closely resembles the name at the beneficiary bank. The client or partner needs to confirm the transfer to proceed with the withdrawal or cancel it if they prefer not to continue.
No match: A linked external bank account may not meet the threshold for a match or close match due to manual linking, such as a joint account linked for withdrawal to an individual Saxo account. In this case, the withdrawal will still proceed. However, if the external bank account is no longer active, the withdrawal will be returned to Saxo, typically within one day.
- Not applicable: The name cannot be retrieved because the external bank is not onboarded with VOP yet. The withdrawal will be successful unless the external bank account is no longer active, in which case the return process is the same as under "No Match."
Once the transfer is confirmed, you will need to complete the final confirmation stage using a six-digit code sent to you for added security.
In case you have any questions, please reach out to your account manager.
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