SEPA payment

• speed – the payment is credited to the Beneficiary's account immediately, or at the latest on the following banking day
• no additional costs – the payment is made in full, i.e. the Beneficiary's account is always credited with the full amount of the transfer, the Beneficiary's banking fees are charged separately (i.e. SHA fee)
• end-to-End reference – the payment contains fields to identify the payment (e.g. for the invoice number)
• Payment Recipient Verification (PRV) – a service that checks the match between the recipient's name and account number during the payment process

"What is Verification of Payee?" (VoP)? 

Verification of Payee is a service, available from October 2025, that allows you to verify whether the entered account number matches the real beneficiary's name when entering SEPA payments (payments in EUR within the eurozone). This function significantly strengthens the security of your finances and also helps prevent errors when entering payment data. 

How does it work?

• When entering a SEPA payment, you fill in the account number and the recipient’s name (mandatory details). The system performs an automatic check to compare whether the details match.
• The verification of the recipient’s name is done instantly during the payment entry, so it does not affect the processing speed.
• The system is designed to be tolerant of minor errors but will alert you to significant discrepancies that may indicate a mistake or a risky transaction. Possible check results are:
  • Match – the recipient’s name and account match, and the payment proceeds without any alert (diacritics, uppercase/lowercase letters, special characters, and company legal forms are not considered in the match evaluation).
  • Partial match – the system detects minor differences and notifies you (e.g., typos, word order swaps, etc.). The correct recipient name is displayed, and the payment can still be sent.
  • Mismatch – the entered name differs significantly from the registered one. A recommendation to verify the details is displayed, but the payment can still be sent despite the discrepancy.

Which payments does this apply to?

• The obligation to verify the match between the recipient’s name and IBAN applies to banks within the eurozone and covers both instant and standard SEPA payments.
• Verification of Payee (VoP) for bulk payments from imported files will be available upon request.

Why is it important?

• It protects against fraudulent transfers – for example, in cases where attackers try to trick you into sending money to the wrong account.
• It increases trust in the security of payment transactions.
• It helps prevent incorrectly entered SEPA payments.

is an International Bank Account Number, containing up to 34 alphanumeric characters. Every country has an individual number of characters in IBAN; IBAN in the SR has 24 characters.

Example:

is a Bank Identifier Code, containing 8 or 11 alphanumeric characters.

Example:

uniquely identifies the payment and must be delivered to the beneficiary unchanged.

Payment symbols (variable, specific, and constant) are transferred in the payment in the End to End Reference field pursuant to the agreed rules (SK Convention).

Example of an End to End Reference containing all of the symbols:

“/VS1234567890/SS1234567890/KS1234” 

Example of an End to End Reference if the SS (specific symbol) and KS (constant symbol) have not been provided:

“/VS1234567890/SS/KS”

is additional payment information delivered by the bank to the beneficiary.

contains detailed information on the processing of SEPA Credit Transfers via electronic banking.

• SEPA Payments Manual in Slovak
• SEPA Payments Manual in English

• Payment Services Cut-off time

• payment currency: EUR
• maximum payment amount: outgoing 50 000 EUR, incoming 100 000 EUR
• beneficiary bank: all eurozone banks and other local currency banks only those that sign up for the SEPA Instant Credit Transfer scheme
• payer's bank: only those banks that sign up for the SEPA Instant Credit Transfer scheme
• payment entry: individually via the BusinessNet / Business Smart Banking screen, import Instant payments in bulk in batch files (pain.001) 

• Instant payment on weekends and holidays
  Instant payment is posted in the same way as on banking days. The payer's account has a reduced available balance after receiving the payment order and the recipient's account has an immediately increased available balance. The difference is in the account statement where the client sees the posting of an instant payment on non-working days on the statement of the next working day with a back value date.     
• Insufficient funds in the payment account
  An instant payment cannot be made at any time other than immediately after receiving the payment order, therefore, unlike a classic SEPA payment, it is not possible to wait for the necessary funds to be added to the account. The immediate payment order must be re-entered or the payment type must be changed to SEPA payment.
• Cancellation or recall of a payment order for instant payment is not possible
  Requesting a refund for an instant payment is possible in the same way as in the case of a classic SEPA payment.