Seamless integration with your current payment systems
Tietoevry Banking has developed an independent and isolated Verification of Payee (VoP) module as a standalone process prior to payment. Offered as a crucial part of our Payments as a Service (PaaS) ecosystem, this service ensures enhanced payment security and compliance with applicable standards and regulations. Our expert team is ready to assist your organization in navigating unique requirements and achieving seamless integration. Contact us today to get started and stay ahead in the financial landscape!
Comprehensive and independent VoP module
Seamless communication
API-based communication with central infrastructure.
Four layer responses
Match, No Match, Close Match, Unavailable
24/7 availability
Real-time responses with robust data management
Understanding VoP and the next steps
Verification of Payee (VoP) has become a crucial process in the banking industry to enhance payment security and verify the payee’s identity before processing transactions. This factsheet provides comprehensive insights into the VoP solution offered by Tietoevry and outlines the necessary steps for implementation and compliance.
Verification of Payee 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
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.
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.
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.
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.
- 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).
Implementing VoP now helps mitigate increasing fraud risks, meet customer expectations for robust security, and maintain competitiveness through interoperability and adherence to upcoming regulations.
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