Bank transfer verification (VoP) is coming to Luxembourg. As of October 9, 2025, this new European system will apply to all banks, businesses and financial institutions in the country.
Why is this development important for you? Because wire fraud is constantly on the rise. And let human errors remain one of the weak points most exploited by fraudsters! Find out what VoP is and how you can prepare for VoP today.
Faced with the explosion of online fraud, the verification of bank transfers, or VoP, has become essential for European and Luxembourg banking institutions. The numbers speak for themselves.
According to estimates by theBanque de France asset security observatory, the volume of fraudulent transfers increased by 18% in the first half of 2024.
It's over, the bank transfer fraud are multiplying. They affect businesses and individuals, without distinction, and human vigilance is no longer enough. Beneficiary Verification thus reinforces the security of payments, by adding a systematic and transparent verification step.
Did you know that? 💡
VoP applies to all standard and instant SEPA transfers. As of May 22, 2025, the SEPA area (Single Euro Payments Area) brings together 41 states, including the 27 members of the EU.
The verification of bank transfers is actually called Beneficiary Verification or Verification of Payee (VoP) in English. This control system is being deployed at European level as of October 9, 2025. Payment service providers residing in Luxembourg are therefore also concerned.
Integrated into the verification processes of banks and financial institutions, this new security for bank transfers must drastically reduce the risks associated with input errors and fraud attempts. VoP acts as a safeguard, which detects fictitious or suspicious transfers and prevents thefts.
As a European system, Beneficiary Verification also aims to maintain confidence in electronic payments and to standardize security systems throughout the SEPA zone. For you, this means fewer financial losses, less transaction stress, but also increased vigilance.
In Luxembourg, bank transfer verification (VoP) follows a very structured process, designed to secure each transaction.
When you make a transfer (instant or traditional) or when you create/modify a standing order, your bank queries the beneficiary's bank in real time. This is in order to verify the correspondence between the name entered and the IBAN of the recipient account.
Based on the correspondence, the bank sends one of the following messages:
To note: In the event of partial or non-matching, you remain free to validate the transfer. But you then take full responsibility in case of error. This allows you to take informed action in the face of a suspicious bank transfer.
A newcomer to the finance sector, VoP is transforming the way in which banks, businesses and institutions in Luxembourg manage and secure financial transactions. Each establishment is now required to integrate this automatic verification into their system.
For banks, this means adapting platforms and training teams to manage alerts. Businesses and institutions, for their part, can prepare by raising awareness among financial services and by ensuring that the internal procedures concerned with the new audit requirements are updated.
In practice, this means reviewing workflows, testing new functionalities, and planning control scenarios adapted to all situations.
Beneficiary Verification (VoP) already secures bank transfers in Luxembourg, but it is not enough to protect businesses against all forms of fraud. False invoices, identity theft and other falsified or counterfeit documents are all risks that threaten businesses on a daily basis.
The solution? Complete VoP with a solution capable of analyzing all incoming and outgoing documents, in real time. This is precisely the role of Finovox, an easy-to-use software suite designed to detect falsifications of all types of documents.
Finovox allows companies to check 100% of their documents in a few seconds, to reduce risks of documentary fraud, but also to gain in efficiency on a daily basis!
