Verification of Payee - enhancing payment security

Mitigate fraud, boost customer trust, and comply with both European and Nordic regulations seamlessly.

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Seamless integration with your current payment systems

Tietoevry Banking offers an independent Verification of Payee (VoP)—also known as Confirmation of Payee (CoP)—as a standalone process that verifies both the payer and payee before a payment is made. As part of our Payments as a Service (PaaS) ecosystem, it provides an added layer of security and helps ensure compliance with industry standards and regulations.

Designed for easy integration, our solution supports banks in meeting regulatory requirements while enhancing payment security. If you’re navigating VoP implementation, our team is here to help. Get in touch to learn more.

Tietoevry at your service

Why work with Tietoevry Banking as your RVM provider?

As payment services evolve, Routing & Verification Mechanisms (RVMs) play a key role in ensuring secure and efficient transactions. The EPC rulebook requires all PSPs in the scheme to be interoperable and reachable via an endpoint listed in the Endpoint Directory Service (EDS).

RVMs act as the bridge between PSPs, the EDS, and regulatory requirements—keeping everything connected and running smoothly. But not all RVMs are the same. With the first wave of Verification of Payee (VoP), over 3,000 PSPs are expected to participate, yet only about 10% will manage RVM functions themselves. That makes choosing the right RVM partner more important than ever.

At Tietoevry Banking, our RVM service takes the complexity out of payment processing. With our advanced name-matching tool and expert file-handling capabilities, we help you navigate multiple schemes with ease.

Outsourcing your RVM needs to us ensures compliance while keeping you ready for any future regulatory changes. With a full-scale RVM solution, we make sure you're equipped for the demands of today’s financial landscape.

Understanding Verification of Payee and the Next Steps

"At Tietoevry Banking, we know the Verification of Payee deadlines are approaching fast, and navigating the requirements isn’t always straightforward. With testing starting soon, now’s the time to get clarity. If you have questions or need insights, reach out—we’re happy to help!"

Reach out

Tietoevry Banking secures European Payments Council registration for routing and verification services

Tietoevry Banking, in partnership with Movitz Payments, will manage Verification of Payee solutions across Europe, providing client banks with a new service saving time and money while reducing fraud.

Instant Payments & VoP: Secure Transactions

Banks should act now to cut risk and enhance their payment services, as payments go instant. With instant payments becoming the norm by 2030, the introduction of Verification of Payee (VoP) will help banks manage risk and deliver smoother payment experiences.

Partnering with Movitz Payments

Anders Olofsson, Head of PaaS of Tietoevry Banking, and Magnus Hedenberg, CEO of Movitz Payments discuss the upcoming changes and the significant impact our collaboration will have.

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Verification of Payee in Essence

Discussing VoP in detail with Paulina Kudłacik, Manager at Nordic Payments Council.

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Verification of Payee Explained

What is Verification of Payee (VoP)?

Verification of Payee (VoP) is a procedure used to verify the recipient’s name and account before initiating an account-to-account payment. It enhances payment security by helping the payer to confirm the identity of the payee, thus reducing the risk of fraud.

How does VoP enhance payment security?

Tietoevry’s VoP solution streamlines the verification process with robust algorithms that compare the payee’s details against stored records. By providing clear responses (Match, No Match, Close Match, Unavailable), it empowers payers to make informed decisions to proceed with the payment or not.

What are VoP response outcomes?

The Verification of Payee (VoP) solution offers four potential outcomes:

Match: The name and account/IBAN match.
No Match: The name and account/IBAN do not match.
Close Match: The typed name and account/IBAN is a close match.
Unavailable: It has not been possible to check the name.

How does the VoP module integrate?

Tietoevry's VoP solution is an isolated, independent module that operates prior to the payment process. It uses modern APIs based on ISO20022 formats to communicate with central infrastructures and other payment systems, ensuring seamless integration and efficient operation.

What are the key VoP deadlines?

2024
- November - RIX Inst (Sweden)
2025
- January 9th - SEPA Inst (for receiving in EU countries)
- October 9th - Compliance deadline for VoP for EURO banks, including Nordic banks in Euro-countries.
2026
- Q4 - PSD3 and PSR come into effect and transition period of 18-24 months begins
2027
- January 9th - Non-eur countries for receiving SEPA Inst.
- July 9th - Non-eur countries for sending SEPA Inst.
- July - 39 months after publication for non-euro banks VoP for all SEPA CT applies
- Q4 - VoP mandated for all credit transfers in the EU (including Nordic countries).

Why should banks act now for VoP?

Implementing VoP now helps mitigate increasing fraud risks, meet customer expectations for robust security, and maintain competitiveness through interoperability and adherence to upcoming regulations.