The payment processor provides details of your account status, which includes its verification status. Once you have created your payment account and added your bank details, your bank will want to verify your identity. This is all part of the UK’s Money Laundering Regulations 2007 and are put in place to ensure that your identity is secure and your financial details are not misused.
When your payment account status is unverified it means that your bank would like to verify your identity for your bank account. If that’s the case, a message will appear on your profile with a link to complete your account verification. After completing that, your payment account status will change to pending while your ID is reviewed; after which, assuming everything looks good to your bank, it will be verified and you’re all squared away!
Note that, as long as both Charges and Transfers are enabled on your account, then you can continue to receive donations directly to your bank account even before your account is verified.