VoB is a feature on the iBanFirst platform, implemented in accordance with European Payments Council (EPC) regulations for the Eurozone and with Pay.UK for the United Kingdom.
It helps ensure that your payments reach the intended recipient by automatically verifying that the beneficiary’s account details match the beneficiary information you provide, for applicable payments in both the Eurozone and the UK.
The same verification also applies in cross-currency scenarios:
when you send a GBP payment from your EUR account, and
when you send an EUR payment from your GBP account.
Similar verification mechanisms are offered by other payment providers and banks across Europe and the UK. VOB helps protect your business against fraud and misdirected payments, ensures compliance with applicable payment security regulations, and reassures your partners.
When new clients or suppliers send you funds, their bank can also verify your iBanFirst account details from the very first transaction — providing immediate reassurance on both sides of the payment.
Once a beneficiary’s details have been checked, their verification status is automatically updated in the Beneficiaries section of your platform, giving you clear visibility before making future payments.
When does VoB check a beneficiary's details?
VOB automatically checks a beneficiary’s details when you:
Add a new beneficiary located in the Eurozone or the United Kingdom
Make a payment to a recipient based in the Eurozone or the United Kingdom
Send a GBP payment from a EUR account
Send an EUR payment from a GBP account
If a mismatch is detected, you are informed before proceeding with the payment, helping you reduce the risk of fraud or incorrect transfers.
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.