VoB is a feature on the iBanFirst platform, implemented in accordance with European Payments Council (EPC) regulations, that helps ensure your payments to the Eurozone go to the correct recipient by checking that the account details match that of the intended beneficiary. Similar verification features are offered by other payment providers and European banks.
It protects your business from fraud, ensures compliance with EU payment security regulations, and also reassures your partners: when new clients or suppliers send you funds, their bank can automatically verify your iBanFirst account details from the very first transaction.
When does VoB check a beneficiary's details?
VoB will automatically check a beneficiary’s details when you:
Add a new beneficiary located in the Eurozone
Make a payment to a Eurozone-based recipient
What happens when the beneficiary’s details are checked?
You'll receive one of the following 3 notifications depending on whether or not the account details match the beneficiary's name:
✅ Match – the account details match the information provided.
⚠️ Partial match – a few details don’t match, please review before proceeding.
❌ No match – some details don’t match entirely; check details before proceeding.
What should I do if I get a notification that the details don’t match?
We strongly recommend you verify the beneficiary’s name and account number directly with your contact before proceeding with your payment.