Optimising VoP Checks: The Role of Routing and Verification Mechanism
The European Payments Council’s (EPC) Verification of Payee (VoP) scheme focuses on predominantly fulfilling the EU legislative requirements set out by the IPR and emerges as a go-to set of guidelines for anyone looking to develop or implement VoP. The scheme aims to standardise the process of VoP checks ensuring that the 5000+ institutions talk the same language. Central to this framework are routing and verification mechanisms, which can lead the way for PSPs seeking seamless, accurate, and compliant payment operations. This blog explores the actors in VoP checks and the role of routing and verification within the EPC VoP scheme. The blog highlights how mechanisms must align with the scheme’s objectives and what to look for when selecting an RVM. Actors and their Roles in VoP The actors involved in the EPC VoP process are essential to the execution and success of the rulebook. These actors include: The Requesting PSP receives an IBAN and Name of the Payment Counterparty or potentially a data element, other than the IBAN, which unambiguously identifies the Payment Counterparty from the Requester (i.e., theidentification code). The Requesting PSP must initiate the request to verify these details about the Payee as provided by the Requester. The Requesting PSP Instantly sends a VOP Request to the PSP holding the Payment Account. Upon receipt of the VOP Response, the Requesting PSP Instantly informs the Requester about the VOP Response sent by the Responding PSP as appropriate. Responding PSP receives the VOP Request from the Requesting PSP and Instantly processes that VOP Request. The Responding PSP sends a VOP Response containing a matching result about the received details of the Payment Counterparty or the code Verification check not possible, back to the Requesting PSP. Use of Routing and Verification Mechanism’s will play an important role in connecting over 5000+ PSPs in the Eurozone for conducting VoP checks. How RVMs like TechnoXander can help? Routing and Verification Mechanism’s will play an important role in connecting over 5000+ PSPs in the Eurozone for conducting VoP checks. We can do the below as RVM for a PSP, EMI or PI looking to conduct VoP checks and achieve compliance with EPC VoP scheme and Instant Payment Regulation. Must-have for VoP service provider When selecting a Routing and Verification Mechanism (RVM) for the EPC VoP scheme, it is essential to evaluate its capabilities against the following key qualities: By prioritising these features, PSPs can select an RVM that not only meets current requirements but also supports long-term operational and regulatory needs. For PSPs and financial institutions, adopting the EPC VoP scheme is an opportunity to enhance customer trust, reduce operational risks, and align with the evolving payment ecosystem. As payment technologies advance, the role of routing and verification will only grow, paving the way for a safer, more efficient financial landscape. Is your organization ready to embrace the EPC VoP scheme? Contact us today at vop@technoxander.com to learn how our VoP RVM solution can help you implement VoP so your bank stays ahead in the payments industry.
TechnoXander expands in Europe with EPC VoP-compliant RVM
TechnoXander, an approved Pay.UK scheme aggregator with extensive experience in delivering Confirmation of Payee (CoP) solutions to UK financial institutions, has registered with the European Payment Council (EPC) as a Routing & Verification Mechanism (RVM). This underscores TechnoXander’s commitment to advancing compliance and fraud prevention in instant payments with VoP-compliant RVM. As the only Pay.UK aggregator authorised under the Crown Commercial Services framework to provide CoP services to UK public organisations, TechnoXander is a trusted partner in delivering Verification of Payee (VoP) services to institutions. Expanding its reach, TechnoXander has extended its payee verification solutions to include name verification checks beyond the UK and Europe. With logic-based IBAN validations spanning 80 countries, TechnoXander delivers precise and efficient global account verification. TechnoXander’s platform aims to simplify compliance and strengthen fraud prevention for over 5,000+ Financial Institutions across Europe preparing to implement VoP solutions under the Instant Payment Regulation in 2025. TechnoXander helps institutions meet regulatory requirements through seamless integration via a single API. “Compliance and fraud prevention are paramount in the instant payments era,” said Sonal Bomb, CEO & Co-Founder at TechnoXander. “Our EPC registration as a VoP-compliant RVM enables us to deliver cost-effective, secure and resilient Payee verification solutions to Financial Institutions across Europe.” About TechnoXander TechnoXander, a UK-based leader in Global Payee Verification and Open Finance solutions, is dedicated to delivering compliance-ready products tailored to meet the evolving needs of Financial Institutions. With operations across 3 continents, headquarters in London and a portfolio of 4 core products, TechnoXander empowers institutions to confidently navigate the instant payments era, enhancing compliance and fraud prevention. For more information, visit https://technoxander.com or contact vop@technoxander.com
