Ask a CFO about Verification of Payee and the framing shifts. It's not really about scheme codes — it's about the money leaving the business landing where it should. Seen that way, VoP is a finance control as much as a payments feature.
The cost of a wrong payment
A payment to the wrong account isn't just embarrassing — it's expensive. There's the amount itself, which may be hard or impossible to recover, plus the staff time chasing recalls, the supplier relationship strain and the audit questions. Verifying the payee before sending removes most of that cost at source.
Prevention beats recovery
Recovering a misdirected instant payment is slow and often unsuccessful. A name check before release is far cheaper than the recovery process — and it works every time.
Fraud and the control environment
Supplier-bank-change fraud and CEO fraud target exactly the moment finance teams release payments. Verification of Payee adds an independent check that the account belongs to the intended payee, and logs the result — strengthening your control environment and giving auditors something concrete.
Beyond a single check
Treasury rarely pays one supplier at a time. The same verification can run across a whole payment file before a bulk run, so a single mismatched account is flagged before cash leaves. RoxPay offers Verification of Payee via API and a dashboard, so finance teams can verify both individual and bulk payments.