Verification of Payee (VoP)

VERIFICATION OF PAYEE (VoP)

From 9th October 2025, you’ll be able to make instant payments from your Kilcock Credit Union account. To help protect your money, we’re also introducing a new security check called Verification of Payee (VoP) for all SEPA payments.

We are introducing a new security feature called Verification of Payee (VoP) part of our ongoing efforts to protect you from fraud and give you greater confidence when making payments.

What is Verification of Payee?

Verification of Payee is a fraud-prevention service that checks whether the account name you enter when setting up a payment matches the name on the recipient’s (person you are sending to) bank account. This extra layer of security helps ensure that your money is going to the right person or business.

When is this happening?

Starting from 9th October 2025, when you initiate a payment—whether online, through a mobile app, or in office—your Credit Union will verify that the recipient's name matches the account number (IBAN). This real-time check aims to reduce fraud and prevent misdirected payments.

How It Works:

When you set up a payment:
1. You enter the recipient’s name, IBAN/account number, and bank details.
2. The system checks whether the name matches the account at the receiving bank.
3. You get one of three possible results:
o ✅ Match – The name and account number match.
o ⚠ Close Match – The name is similar; you are advised to double-check.
o ❌ No Match – The name does not match the account; you are warned before proceeding.

Benefits:
• Helps prevent fraud (e.g. invoice redirection scams)
• Reduces misdirected payments due to typos
• Gives you greater confidence before sending money

How to Accept the Changes

Your framework contract is valid up to 31st of August 2025 and the new Framework Contract is effective from 1st September 2025.

You do not need to take any action to accept these changes. By continuing to use your account and our services after the changes take effect, you will be considered to have accepted them.

If you do not wish to accept the changes, you have the right to close your account or end your agreement with us free of charge, provided that any outstanding balances or fees have been cleared. You can do this by writing to our office or contacting us through our usual service channel.

We understand that some customers may not wish to accept the changes outlined in this guide. If this applies to you, please take action before 31stth August 2025, after which the new terms will be applied automatically.

For more information on VOP CLICK HERE

or Visit www.PayRightNow.ie

SEPA INSTANT

With the introduction of Instant Payments Regulation in 2025, sending and receiving funds will be faster than ever. SEPA Instant — is a payments scheme that lets you send and receive euro payments in under 10 seconds 24/7, 365 days a year.

There will be no need to install extra apps, as the additional functionality will be available in your online or mobile banking access to allow you to send and receive euro payments across the Single European Payments Area (SEPA Zone) in under 10 seconds. You can send and receive payments instantly at any time including weekends.

You will receive immediate confirmation on successful completion of the payment, giving you peace of mind that your payment has been delivered successfully. SEPA Instant makes managing your money faster, easier, and more convenient than ever.

There are no cut-off times for Instant payments made through online banking. Subject to internal controls and validations you can set up a payment on any day, at any time, and it will be processed instantly.

However, cut-off times do apply to payments made in person at your Credit Union.

What’s changing?

Instant Euro Transfers: Real-time payments across participating European banks.

Always Available: No more waiting—payments available anytime, even outside business hours.

Simple Access: Use your existing online banking or mobile app. Just choose "Instant Transfer" when sending euros. Or you can go into your Credit Union office during their opening hours.

Click FAQ below for more information and frequently asked questions.

FAQ - Instant payments and VOP