Verification of Payee
Provide VoP on time and ensure regulatory compliance.
VoP is a procedure to verify the match between the stated name of the payment recipient and the associated IBAN before a transfer in SEPA payment transactions is executed. VoP aims to increase security in electronic payment transactions by preventing erroneous transfers and fraud attempts, thereby strengthening trust in digital payment processes. VoP is part of the new EU legal requirements that become mandatory with the EU Instant Payments Regulation.
Regulation
Regulatory compliance.
Meet the VoP requirements of the EU Instant Payments Regulation in the euro area.
- Implement the compliant fulfillment of mandatory requirements as a fixed step before authorization
- Consistently map the prescribed verification results including a traceable customer decision
- Enable audit-proof logging for audit, compliance evidence, and complaint cases
Connection
Flexible RVM connection.
Remain flexible through the connection of your preferred RVM provider (e.g. SurePay, LuxHub, obconnect)
- Best-of-breed approach: Stay independent and switch your provider when needed
- Benefit from a provider change or parallel operation without adjustments to your frontends and channels
- Optimize by reach, conditions, SLA, and latency, tailored to your strategy
Protection
Protection against errors and fraud.
Prevent erroneous transfers and fraud through payee verification prior to release.
- Reduce erroneous transfers through early detection of discrepancies in recipient data
- Make fraud scenarios with manipulated recipient information more difficult through transparent warnings
- Enable consistent customer guidance in retail and corporate channels and reduce support effort
- Strengthen the bank's security profile and trust in digital payment processes
Performance
Stable performance.
Ensure that the VoP check runs reliably in real time with low latency and high availability.
- Benefit from low latency and high availability so that VoP does not become a bottleneck
- Enable stable operations even during peak loads and bulk payments, matching productive payment volumes
- Use monitoring and operational metrics for quality, availability, and response times
- Individually configure the handling of opt-out cases in line with your policy and risk model
Schedule a consultation.
Team Lead Sales Banks
Phone
+49 221 5956990