Put Verification of Payee, then instant transfer back in order

THE DRILL AS TEXT

1. In Verification of Payee, then instant transfer, what happens first, and what follows?
   • Riya sets up the payment — Riya enters Arjun's name and IBAN and asks to send EUR 480.00 instantly. Nothing has moved yet — this is only the instruction being prepared for a check.
   • Bank Alfa asks Nordbank to verify the name — Verification of Payee (VoP) checks the payee name against the IBAN before the payment is authorised. Bank Alfa asks Nordbank whether the name Riya typed matches the account. This is identity verification, not a movement of money.
   • Nordbank returns the check result — Nordbank compares the submitted name with the name registered on the account and answers MATCH, CLOSE MATCH, or NO MATCH. It is a warning signal for the payer, separate from sanctions screening and from any movement of funds.
   • A match is shown and Riya confirms — The result is MATCH, so Bank Alfa tells Riya the name fits the account and she confirms the payment. VoP is a fraud and misdirection control that runs before money moves; the decision to proceed stays with the payer.
   • Bank Alfa debits Riya — With the check passed and the payment confirmed, Bank Alfa books the debit on Riya's account. Her money has left her account, but nothing has yet moved between the banks.
   • Bank Alfa submits the instant transfer — Bank Alfa converts the confirmed instruction into an interbank pacs.008 flagged for the instant scheme and sends it to TIPS, the instant settlement infrastructure.