Verification of Payee: Expectations and Practice Still Far Apart

Verification of Payee (VoP) is intended to make an important contribution to fraud prevention in payment transactions. But how practical is the procedure for corporates, particularly when it comes to bulk payments?

A joint EACT and VDT survey of 174 corporate treasury professionals shows that significant challenges remain when it comes to practical implementation. Only a small proportion of companies have fully implemented VoP so far. At the same time, many treasury departments report a lack of ERP integration, non-standardised processes and considerable implementation effort.

The resulting white paper, “Verification of Payee (VoP): Verified in Name, Broken in Practice”, is the outcome of several months of work at both national and international level.

For further information on this topic, we recommend our recorded online events “Verification of Payee – Current Status & Outlook”, Part 1 (click here) and Part 2 (click here). Please note that both videos are available in German only.