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Verification of Payee
Secure and scalable EPC compliant IBAN-name matching. Field tested. Ready available.
Our VOP solution offers banks, corporates, and service providers a flexible, out-of-the-box solution that meets regulatory requirements and integrates seamlessly with existing systems—available in both SaaS and on-premise options.
The challenge
According to new EU regulation banks and financial institutions must perform IBAN-name checks for every SEPA transfer, both SEPA SCT and SEPA Inst.
This comes with four challenges:
- All channels of the payer’s (sender’s) bank must be updated to the new flow.
- Backend integration with payment networks providers.
- Selection of one or more payment networks providers aka. Routing and Verification Mechanism Providers (RVM).
- Backend integration with the payee’s (receiver’s) bank, especially the matching algorithm.
The deadline is October 2025. The necessary EPC directory will not be available before April 2025, that leaves less than 6 months finishing implementation and end-2-end testing.
The solution
Banfico’s VoP solution, integrated by adorsys, covers all the areas, from front – to backend. For both incoming and outgoing requests. With connections to all the necessary European networks, and many more global ones.
Benefit from Banfico’s proven experience with Verification of Payee in the UK, and international partnerships. Integration time is low (2-4 weeks excluding PSU channels), user experience flows are tested and pricing is fair. adorsys will handle all aspects of system integration and configuration.
The benefits
- Ready available and tested. Robust, scalable and fully configurable. Quick to implement, fully EPC compliant and feature rich. The solution is offered as SaaS or be installed on the bank’s public cloud or on-premise.
- Modular architecture, where you can cherry-pick if you choose to partially implement yourself or your CBS vendor already provides parts of the solution. If you need only frontend-development Banfico’s long-time experience and adorsys’ senior software developers guarantee for optimal user experience.
- Both individual and bulk / batch processing. Supports opt-out and follows the API guidelines published by EPC.
- User-friendly backoffice web portal with SSO support. Support for PSP-specific name-matching algorithm customization. Various reports and audit formats.
- Core bank integration through API or PSU accounts file upload through SFTP. Conformance validator solution included. 24×7 ITSM Support
- Cost effective: SaaS pricing based on the volume of account-name validation checks. Fixed license fee for on-premise deployment for unlimited account name validations.
- Most importantly: better protection against Authorizes Push Payments (APP) fraud.
Upcoming & Past Events
Join our webinar to explore the EPC VOP scheme and technical standards, helping PSPs in Europe kickstart their VOP journey.
Our expert panel, including members of the EPC technical standards working group, will cover key topics such as scheme mandates, identity & authentication, participant discovery, routing & verification, implementation approaches, customer experience, name matching algorithms, and optional services.
Register Now
Our webinar on the Instant Payment Regulation 2024/886 explored its impact on banks and PSPs in the EU, focusing on fraud prevention, compliance, and customer service. Key topics included VoP regulation requirements, seamless integration of VoP solutions, system readiness, interoperability with EPC and RVMs, and strategies to stay competitive in the evolving financial landscape.
Watch Now
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