Verification of Payee (VoP)

Verification of Payee (VoP) is a new service designed to make bank transfers more secure and help customers avoid sending funds to an unintended account.

Allianz Bank Bulgaria AD will introduce the service on 2 November 2026.

The verification process is automated and applies:

• to the initiation of standard and instant euro credit transfers;
• regardless of the channel used – mobile banking, internet banking, or at a bank branch;
• by payment service providers, including banks and non-bank payment institutions;
• to both individual and corporate customers initiating credit transfers.

The service is available 24/7/365.

What you need to know?

1. What is the Verification of Payee service?

Verification of Payee (VoP) is a service that checks whether the beneficiary name provided by the payer matches the name associated with the payment account identifier (IBAN) of the intended beneficiary.

The verification result provides you with additional information before you proceed with the payment.

2. How does the service work?

When you enter the beneficiary's IBAN and name, Allianz Bank Bulgaria sends a verification request to the beneficiary's bank.

The beneficiary's bank compares the information provided with the account holder details linked to the specified account, whether an individual or a legal entity, and returns the verification result.

You will see the result before confirming the transfer.

In most cases, the verification process takes only a few seconds.

3. What are the possible verification results?

There are four possible outcomes of the verification process.

Full match

The name you entered matches the name associated with the account identifier (IBAN) to which you are sending the payment.

You will receive a confirmation from Allianz Bank Bulgaria. For example, if you initiate the transfer through a digital channel (internet banking or mobile banking), you will be notified that there is a full match between the beneficiary name you entered and the name registered to the beneficiary's IBAN.

Partial match

The name you entered is similar to the name associated with the specified IBAN, but it is not an exact match.

In the message you receive, we will inform you that the name is similar but does not exactly match the beneficiary name you provided. The message will also include the correct name associated with the IBAN to which you are initiating the transfer.

Based on this result, you will need to decide whether you wish to proceed with the payment transaction.

No match

The name you entered does not match the name associated with the specified IBAN.

If this result is returned, you should carefully assess the information and decide whether to cancel the payment or proceed with the transaction.

Please check again that the beneficiary's name and IBAN have been entered correctly. If you are uncertain about the details, you may contact the individual or organisation you intend to pay using contact information that you know to be reliable.

If you choose to proceed with the payment without correcting the beneficiary's name or IBAN after receiving a "No Match" result, the Bank shall not be liable if the payment is subsequently found to have been executed to an unintended recipient.

When initiating the transfer through a digital channel (internet banking or mobile banking), the following message will be displayed.

Verification cannot be performed

This message may be displayed when the service is unavailable due to a technical issue, when the account is closed or blocked, or because the beneficiary's payment service provider does not yet participate in the Verification of Payee (VoP) service.

When initiating a transfer through a digital channel (internet banking or mobile banking), one of the following messages will be displayed, depending on the specific circumstances.

Please review the payment details carefully before deciding whether to proceed with the transaction.

4. In which cases may Verification of Payee (VoP) not be performed?

An exemption from the requirement to perform Verification of Payee (VoP) may apply only if all of the following conditions are met simultaneously:

• the payer is not a consumer (i.e. not an individual);
• the payer submits a batch of payment orders;
• the payer has opted out in advance of the service that provides verification when multiple payment orders are submitted as a batch.

Even if a payer has opted out of using this service, the payer remains entitled to opt back in and use the service again at any time.

If you wish to make use of this exemption when submitting bulk payment files through internet banking, please contact your servicing branch.