Verification of Payee

We will inform you here about changes to existing content.

The Instant Payments Regulation requires new customer terms and conditions (remote banking terms and conditions, special terms and conditions for credit transfers/real-time transfers) to be agreed for each customer for whom the bank maintains a payment account. These are currently under review and finalization. We will contact you separately on this matter. We kindly ask for your support: Please return your consent to the new customer terms and conditions as soon as possible upon receipt. 

If you have payment accounts at multiple banks, each will require you to accept the new terms and conditions. Depending on your bank's schedule, you may receive letters from your banks at different times.

Unlike private customers (consumers), you as a business customer (entrepreneur) have a choice. Each time you submit a file with more than one transaction, you decide whether you want to submit the file for the verification of payee (Opt-In) or whether you want to process the files as usual (Opt-Out).

The results of the VOP process are differentiated between:

• match
• close match
• no match
• not possible
• not applicable

If the VOP results in a match, the payment service provider is liable for ensuring that the payee's details are correct at the time of verification.

For transfers that do not result in a match (close match, no match, not possible) or that cannot (yet) be verified due to the exceptions listed above (not applicable), the funds may be transferred to a payment account that does not belong to the intended recipient.

If you still decide to authorize the payment, you still bear the risk of a misdirected transfer due to a mismatch between the IBAN and the name of the payee. In this case, the payment service providers involved in the execution of the transfer are not liable.

The same applies if you choose to Opt-Out, i.e. payments that are processed from the outset without VOP. In these cases, you, as the customer, are still responsible for providing the correct beneficiary information. The payment service providers are then entitled to process the payments solely on the basis of the payee's IBAN as the customer identifier. The IBAN will not be checked against the payee's name.

The changes in the regulations for instant payments require extensive adjustments and program updates to software products, payment transaction workflows and internal processes, especially for corporate customers. The final specifications required for the technical implementation in the EBICS submission channel were published very late due to many detailed questions. As a result, banks, payment transaction software/ERP system vendors and corporate customers have little time to integrate VOP into their payment transaction products and interfaces.

The implementation of the regulation's requirements in the EBICS transmission channel has been specified by the German Banking Committee (DK). Although some details have not yet been finalized, the main changes to the submission process can be summarized as follows

1.  If you use the Opt-Out option (without VOP), the technical processes will not change, provided you submit files containing more than one transaction. Files will continue to be submitted using the familiar EBICS order types (hereinafter equivalent to the corresponding BTF parameters) for SEPA credit transfers (CCT) or SEPA real-time credit transfers (CIP) and will be authorized as before.
2. From October 9, 2025, new EBICS order types will be required for the submission of SEPA credit transfers or SEPA real-time credit transfers including VOP (Opt-In, at least for the submission of files with only one transaction) and for the retrieval of the results of the Verification of Payee (VOP status report).
3. The actual authorization or cancellation of files submitted for recipient verification via Opt-In is mandatory after the recipient verification has been completed and the results of the recipient verification (VOP status report) have been made available on the EBICS bank computer via the distributed electronic signature (VEU).

Detailed information on the changed procedures, especially regarding the VEU in case of Opt-In, compared to the current procedure, will be available in the download area shortly.

All customer products that we offer for EBICS payments will be provided with the necessary updates. We cannot give an exact date at this time, but all vendors are working hard to implement the updates. As soon as we have reliable information, including implementation details, we will inform you here. Please refrain from asking about this issue. 

As soon as we have the necessary updates, we will provide instructions on the specific submission and approval process, including VEU and recipient verification, in the download area.

If you are using another vendor's payment transaction software, they may not have a set date for updates either.

Specifically for our customer products, here is what we can say at this time
 

Multiport: The update will be done centrally for all corporate customers. You do not need to do anything. We will post the exact date here as soon as possible. Users who use the MultiportGo application as their login medium will also need to update the application (see MultiportGo).

MultiportGo: An app update will be available in the known stores. If you are not already using the app: The app offers convenient features such as push notifications that actively notify you when payee verification is complete and the file is ready for approval or cancellation, especially when submitting files for payee verification. This can be done through the app, regardless of location or time.

For more information on the MultiportGo app, visit www.corporates.dzbank.com/multiportinternational
 

GENO cash: An update within the current version 4 will be provided.

As a corporate customer, you are also affected on the payee side. The implementation of VOP may cause delays for your payers who use the verification themselves, especially if the payer's details result in a "no match" result: Discrepancies in the payee information can result in a close match (color: yellow) or no match (color: red), which can confuse the payer when deciding whether to approve the payment order or cause a delay in you receiving payment. It is crucial that you inform your payers now to ensure that they enter the exact name of the payee that is used with us at DZ BANK as the account holder. This is the name according to the public register in which your company is listed (usually the commercial register or similar). In addition, you can specify a commercial name against which the verification of payee is to be carried out. The exact procedure has not yet been finalized, but we will provide centralized information as soon as we have concrete answers.

Play it safe today: Minimize confusion in the payer's authorization decision and familiarize the payer with the correct payee information early on. This will minimize the risk of payer confusion in the event of a mismatch, resulting in delays in payment. Please note: It may take some time for the information to be taken into account by each payer (just think of the remittance templates that need to be changed).

We will soon be providing our “Invoicing Form” in English. This will help you communicate effectively with your payers.

Coming soon!