Check how we address and exceed all the Verification of Payee (VoP) guidelines given by the European Payments Council (EPC).
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.
Podcast with Ruwani Hewa - presented by TechnoXander.
All PSPs registered under the VOP scheme must follow the set of rules and guidelines laid out in the VOP Scheme Rulebook by the European Payment Council.
Podcast with Marie Walker - presented by TechnoXander.