Beneficiary Verification (VoP) for transfers
New feature Beneficiary Verification (VoP) for “Third Party Transfer” & “Transfer to Other Banks/ Remittance” transactions
In accordance with the new Regulation (EU) 2024/886, Piraeus is taking all necessary steps to adopt and offer new functionalities to its customers.
As part of this, starting from 07/10/2025, the transactions “Third Party Transfer” and from 09/10/2025 the transactions “Transfer to Other Banks/ Remittance” in euros within the EEA will include the Beneficiary Verification feature (VoP). In this way you can ensure that funds are credited to the proper beneficiary through the real-time beneficiary verification checking for any beneficiary details correction, before completing your transaction.
The verification will be carried out by entering the Beneficiary's Full Name/Business Name in the relevant field, followed by selecting the BENEFICIARY VERIFICATION button. Additionally, beneficiary verification can also be performed using other details (e.g., Tax ID, G.E.MI.).
The screen will display the result of the verification by matching the IBAN with the beneficiary information you have entered. More specifically, the verification results may be one of the following:
- Beneficiary Match: The beneficiary’s bank confirms your entry.
- Close Beneficiary Match: The beneficiary’s bank partially confirms your entry.
- No Beneficiary Match: The beneficiary’s bank does not confirm your entry.
- Verification check not possible: You may try again later.
If you wish, you will be able to proceed with the transaction regardless of the result.
Beneficiary verification enhances the confidence and security in digital payments by reducing the risk of misdirected funds and financial loss from fraud.