Finance & Treasury Glossary of Terms
Here are some definitions for commonly used terms in the finance and treasury space. If you can’t find the definition you’re looking for here, feel free to contact us – we’re here to help!
Contact usVerification of Payee (VoP)
The process, used for SEPA payments in the EU, of confirming that the account details provided match the registered account holder’s name to help prevent errors and reduce the risk of fraud.
Verification of Payee (VoP) Rulebook
The set of guidelines established by the European Payments Council (EPC) outlining how financial institutions should conduct Verification of Payee (VoP) checks for SEPA payments to ensure consistency, accuracy, and fraud prevention.
Virtual Accounts
A system where businesses can create multiple virtual ‘sub-accounts’ within a single bank account, helping them manage funds for different departments, projects, or clients without opening multiple physical bank accounts. This makes tracking cash flow easier, speeds up reconciliation, and reduces banking fees.
Virtual Ledger Management
The use of virtual accounts or ledgers to track balances, allocate funds, and improve financial visibility without opening physical bank accounts.
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