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
Critical IPR Compliance Deadlines for Banks Unveiled: Are You in Scope?
The recently unveiled IPR Compliance Deadlines mandates that all payment service providers (PSPs), E-money Institutions (EMIs) and Payment Institutions (PIs) must provide customers with the facility of instant SEPA credit transfers in euro. This includes both sending and receiving such payments, ensuring they occur in real-time—within 10 seconds of initiation. The facility must be available all day, every day, throughout the year. There is some ambiguity on who is in scope for Instant Payment Regulation and what are the applicable key compliance deadlines. Who is in Scope for IPR? What Channels are in Scope for IPR? The regulation covers all major payment channels, ensuring instant payments are accessible regardless of the medium used: Implementation Timelines The IPR stipulates phased implementation deadlines to accommodate varying readiness levels among PSPs: Exception – (until 9 June 2028): PSPs are not required to send instant euro payments from accounts denominated in their local currency if they don’t provide SEPA credit transfers for accounts today. The deadlines are set as per services provided and denomination of accounts provided by PSPs, EMIs & PIs across Eurozone and non-Eurozone member states. The timelines are proportional and leave adequate time for entities to upgrade systems and processes. The Instant Payment Regulation (IPR) is a big step towards streamlining payment systems across the EU, ensuring faster, safer, and more transparent payments processing. For banks and PSPs, this is more than just meeting a regulatory requirement—it’s an opportunity to enhance customer trust and operational efficiency while supporting the broader goal of financial inclusion. As the deadlines approach, early preparation and seamless integration of the necessary systems are critical to success. Ensure your compliance journey is smooth and efficient with TechnoXander’s Verification of Payee (VoP) solution. Whether you’re implementing instant payments for individual customers or bulk transfers for corporate clients, our robust, scalable, and regulatory-compliant VoP platform is here to support you. Contact us today at vop@technoxander.com to start your implementation and stay ahead of the IPR deadlines. rocessing. For banks and PSPs, this is more than just meeting a regulatory requirement—it’s an opportunity to enhance customer trust and operational efficiency while supporting the broader goal of financial inclusion. As the deadlines approach, early preparation and seamless integration of the necessary systems are critical to success. Ensure your compliance journey is smooth and efficient with TechnoXander’s Verification of Payee (VoP) solution. Whether you’re implementing instant payments for individual customers or bulk transfers for corporate clients, our robust, scalable, and regulatory-compliant VoP platform is here to support you. Contact us today at vop@technoxander.com to start your implementation and stay ahead of the IPR deadlines.
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.
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
New Labour Govt May Pause APP Reimbursement Policy!
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.
