New service compares the payee's name with the specified IBAN before a payment is confirmed
From 2 November 2026, Allianz Bank Bulgaria will introduce the Verification of Payee (VoP) service. The service helps consumers and businesses verify whether the payee name entered matches the specified IBAN. This verification helps reduce the risk of funds being transferred to the wrong account and provides additional protection against certain types of fraud.
From 1 January 2027, the service will be offered by all banks and other payment service providers in Bulgaria.
The verification is provided free of charge and applies to standard and instant euro credit transfers within the EEA initiated through Internet Banking, Mobile Banking or at a bank branch. Its introduction is part of the measures aimed at enhancing payment security in accordance with the requirements of Regulation (EU) 2024/886.
Customers will continue to enter the payee's name and IBAN in the usual way. The verification will be performed automatically as part of the payment initiation process and no additional action will be required on their part. The result will be available in real time and, before confirming the payment, customers will receive one of the following messages:
- Match - the name entered matches the account holder's name associated with the specified account.
- Close match - the names are similar but do not fully match. The customer will be shown the name associated with the account and may review and correct the details if necessary.
- No match - the name entered does not match the name associated with the specified IBAN.
- Check unavailable - the verification cannot be completed, for example due to a temporary technical issue or because the payee's bank does not yet offer the service.
We recommend that customers carefully review the details entered whenever a mismatch is identified or the verification cannot be completed. If necessary, the information should be confirmed with the payee through a trusted communication channel. If a mismatch warning is ignored, there is a risk that funds may be sent to a person other than the intended payee. The customer retains the final decision whether to proceed with or cancel the transfer.
When providing your details for receiving a transfer, it is important to ensure that both the name and IBAN are correct.
More information about the service and answers to frequently asked questions are available at www.allianz.bg.