Get detailed guidelines on how every financial institution across entire European Union can manage ICT risk in 2025.
Check how we address and exceed all the Verification of Payee (VoP) guidelines given by the European Payments Council (EPC).
Are you struggling to meet regulatory demands while ensuring secure payment processing? Banks are facing increasing pressure to comply with regulations like the Instant Payment Regulation (IPR) and the Digital Operational Resilience Act (DORA). At the same time, payment fraud remains a critical concern, with global fraud losses projected to reach $40 billion by 2027. […]
The European Parliament has released new Instant Payment Regulation (IPR) i.e. EU Regulation 2024/886 for all the European Union countries to fight APP scams.
The PSR's guidance report on distinguishing APP scams from civil disputes could help PSPs assess reimbursements claims for payments made via Faster Payments and CHAPS.
Confirmation of Payee’s name verification process reduces the risk of APP fraud. It also can enhance the detection of fraudulent activities by cross-checking account information. Its successful use cases have also proven it to be very effective in combating certain types of APP fraud, such as Invoice Fraud.
Podcast with Nilixa Devlukia - presented by TechnoXander.
The UK’s Payment Systems Regulators (PSR) are stepping to the plate to protect citizens and businesses, having introduced the new rules that will require banks and payment service providers (PSPs) to reimburse victims of Authorised Push Payment (APP) fraud up to £415,000, starting on October 7, 2024, incentivising industry investment in fraud prevention and improving customer protection.
The Verification of Payee (VOP) Scheme plays a role, in ensuring that payments reach the intended recipients accurately thus minimizing the potential, for fraud and mistakes. Overseen by the European Payments Council (EPC) AISBL the VOP Scheme Management follows an approach to uphold its reliability and flexibility.
With open banking paving the way there is a future of a more efficient, consumer-friendly financial ecosystem.