Blogs Archives - Technoxander

Unlocking Financial Data: An Introduction to the FIDA Framework

Get all the details of FIDA (Financial Data) framework and understand its importance across the entire European Union in 2025.

10+ Key Learnings as a CFIT Coalition Partner – Fighting Economic Crime

Get all the learnings TechnoXander got after partnering with CFIT Coalition to fight economic frauds across entire European Union.

Verification of Payee (VoP): A Pillar in Instant Payment Regulation (IPR)

Understand Verification of Payee and see how it affects the latest Instant Payment Regulation (IPR) across the European Union.

Instant Payment Regulation: What Every FI Needs to Know in 2025

Understand Instant Payment Regulation (IPR) in Europe and know how it can affect the operations of all Financial Institutions in EU.

TechnoXander Joins UK Government’s G-Cloud 14 Framework for CoP

TechnoXander joins G-Cloud 14 framework by the UK government to provide cutting-edge Confirmation of Payee services across the country.

8+ Key Benefits of VoP Implementation in 2025

Wondering why 5000+ Banks are taking a rational decision of Switching to VoP in 2025? The answer is, increasing number of APP frauds across the European Union and the anticipated increase in these numbers expected as European countries roll out Instant Payments. According to a report by The Global Treasurer, APP fraud is threatening European banking and financial institutions causing a loss of more than 6.3 billion EUR so far. This is where the call for Verification of Payee comes into picture in the fight against APP fraud to move ahead with a more stable financial landscape. The Verification of Payee, VoP implementation is a strategic need rather than just a regulatory requirement for safe operations in banking. Therefore, all banks and other financial institutions are being asked to implement Verification of Payee (VoP) solution within their systems as part of Instant Payment Regulation itself. Let’s dive deeper and understand the benefits of VoP implementation before the European Financial Institutions get ready for the 2025 deadline by the European Payments Council (EPC): Payee Verification: No misdirected payments Financial institutions can significantly reduce the risk of errors in payments and unauthorised transfers by using the Verification of Payee (VoP) solution. This means that the money reaches its desired destination reducing the chances of wrong payments and financial loss. Checking mechanisms in the system prevent accidental mistakes and deliberate attempts at fraud that alleviates both institution’s and its customers’ anxiety. Real-Time Account Verification: Reduced APP Fraud Verification of Payee’s name-matching algorithms check the details entered by Payee, like the beneficiary’s name, IBAN and payment reference in real time and give the result accordingly as Full Match, Close Match, or No Match. VoP’s real time check before the payment authorisation process significantly reduces the chances of APP fraud. It provides an added layer of security against fraudulent activities which make it even more difficult for fraudsters to reach their intended goals. Reduced Operational Costs Verification of Payee reduces the amounts of manual intervention that occur as a result of mismatch in payee details before payments are being processed. Financial establishments benefit from less costs for conducting fraud investigations and fewer resources expended in addressing payment errors. This reduces the cost incurred concerning operations and allows re-allocation of resources towards other vital areas of operation in the business. The risk of human error in validating payments also becomes minimised during the verification process. Enhanced Market Reputation VoP implementation puts your institution in the forefront within the banking industry. Your bank can stand out as an innovator in customer protection because of adopting cutting-edge payment verification systems ahead of compliance date. This innovation attracts technology-savvy customers for banks. It enhances your brand image as a progressive financial house. Early adoption of VoP sends a signal of innovation and a commitment towards security and makes you a trendsetter in the banking industry Increased Adherence to Compliance Financial institutions can strengthen their adherence to the compliance standards by implementing VoP which not only complies with Instant Payment Regulations but does so with a commitment to protecting sensitive data. The high level of focus on compliance standards prevents regulatory fines and therefore, protect the overall profits of financial institution. Increase in Reputation VoP feature is of great value to organisations involved in loan disbursals, supply chain financing and even large-scale business-to-business transactions. The advanced verification process facilitates the business customer onboarding process and reduces the risk associated with lending to businesses. It gives an added confidence over high-value business transactions. VoP will serve as an added check to authenticate the business credentials and curb fraudulent applications for organisations disbursing loans. Business Process Optimisation VoP solution enhance smooth payment procedure, fewer error occurrences on processing payments and precision in their pay-outs to their suppliers. The streamlined and optimised payment procedure helps a financial institution achieve the gold standards of performance optimisation when processing instant payments. Its real value accrues over time as more payments are processed within seconds and business processes become smoother leading to more time for other business priorities and innovation. TechnoXander: Your trusted Verification of Payee (VoP) TechnoXander offers the best Verification of Payee, VoP available to the European market. The system follows compliances such as ISO 27001:2022 compliant and provides the strictest form of security through: Seamless VoP Integration in 3 Simple Steps: 1. First Meeting and Introduction of NDA 2. Implementation plan and paperwork planning 3. Secure a VoP requester and responder status Get ready to make payments in VoP more secure with TechnoXander. Reach out to info@technoxander.com to see how our VoP solution can protect your business and customers. Our team of experts will help you plan and implement within the 2025 deadline maximising the benefits of this crucially needed payment security feature.

Why Payment Delays in the UK Won’t Happen in Europe?

Check out the reasons for payment delays in the UK affecting Instant Payment guidelines and see if we can encounter the same in the Europe.

Latvian Non-Bank Payment Providers to Connect With EKS

Do you know that until October 2024 the Electronic Clearing System of Latvia, EKS was available only to credit institutions and the Treasury? Latvijas Banka has announced a landmark decision that non-bank payment service providers can now become a part of this critical financial infrastructure changing the face of payment services in the country. This is one of the most dramatic changes in the financial sector of Latvia that promises to revolutionize how payments are processed and managed across the nation. Considering this, here we are clearing all your doubts about it including As the European financial sector is progressing, so does Latvia. Latvia’s electronic clearing system (EKS) is the country’s central payment infrastructure. It handles both SEPA instant and standard payments. The system serves all countries within the European Union and European Economic Area. Therefore, it follows the new European direction that emphasizes having more open financial systems which consist of traditional as well as innovative payment service providers offering financial solutions like Verification of payee (VoP). What is the Latvia EKS System? Latvia’s electronic clearing system is the central payment system for SEPA instant and standard payments in all the European Union and European Economic Area countries. It is an extremely robust infrastructure, so it forms the back of all financial transactions that occur in the country to ensure swift and secure payment processing. The system was closed and access to these basic payment services required that non-bank payment providers go through intermediary banks. This added layer has proven inefficient, costly, and has restricted the development of innovation in the market. Who Can Access the EKS? The system now opens its doors to the following: This will put all the payment service providers on an equal footing, ensuring healthy competition and innovation in the financial sector. Various types of institutions bring different strengths and perspectives into the payment ecosystem, enriching the overall service offering that is available to Latvian businesses and consumers. Benefits for the Financial Ecosystem Efficiency The direct access to EKS brings several advantages: Cost Benefits Businesses and consumers can benefit in the following ways: Innovations Boost The increased diversity in providing payment for special needs purposes will prevail Technical Implementation and Security Connecting to the EKS platform requires meeting strict technical and operational standards to ensure system integrity. These include: Technical Requirements Security Measures Legal Compliance An institution which is involved in the system should adhere to the following: TechnoXander: Your Payment Innovation Partner We help Financial Institutions secure Instant Payments in the New EKS Ecosystem. As non-bank payment providers join EKS and gain access to instant payments, the need for robust fraud prevention becomes critical. TechnoXander’s Verification of Payee (VoP) solution plays a vital role in this new landscape by: This makes our VoP solution particularly valuable for new EKS participants who need to ensure secure and compliant instant payment processing from day one. To learn more about how TechnoXander can help your organisation take advantage of these new opportunities in Latvia’s payment landscape, please email us at info@technoxander.com. Key Takeaways