Glossary

Payments glossary

Short definitions for the words that keep turning up in PSD2, SCT Inst, Open Banking and ISO 20022 — including every status and reason code, and whether a retry is legitimate. Switch language for the French naming.

Aligned with public glossaries (UK Open Banking, Mastercard Open Finance US, Konsentus Europe, Bundesbank PSD2, Ravelin PSD acronyms). Full citations on About.

Concept

VoP

Verification of Payee

Pre-flight check that the payee name typed by the PSU matches the account holder of the destination IBAN, before a credit transfer is authorised. Under the Instant Payments Regulation it is mandatory for euro credit transfers. Outcomes are match (MTCH), close match (CMTC) or no match (NMTC), carried on acmt.023 / acmt.024.

Also called

Verification of PayeeConfirmation of PayeeCoPpayee checkname/IBAN checkIBAN-NB

See also

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