A new verification of payee service will be implemented by all banks operating in Cyprus and the SEPA zone in October 2025, aiming to enhance the security of electronic payments. The Association of Cyprus Banks said the VoP service is part of the European strategy for the unification and security of payments across Europe, requiring payment service providers to offer mechanisms that verify the match between the beneficiary’s name and the corresponding IBAN before executing a money transfer. They added that the VoP service will be provided free of charge to customers for both standard and instant payments. At this point, the VoP service is activated and checks whether the details entered by the payer match the records held by the beneficiary’s bank. If verification is not possible, this may be due to a technical issue, an inactive account, or non-response from the beneficiary’s bank.