To make payments more accessible and safer, the Instant Payments Regulation (IPR) has introduced guidelines to enhance the security of SEPA credit transfers within the EU. One key aspect of these guidelines is the verification of payee (VoP).

VoP is a real-time verification payee name or identification check against account holder details at the payee’s bank, ensuring the credit transfer goes to the correct recipient.

VoP acts as a safeguard, reducing the risk of errors and fraud. 

All SEPA (Single Euro Payments Area) member PSPs are to comply with the guidelines set by the Instant Payments Regulation (IPR) by October 9, 2025.   

The Instant Payments Regulation (Regulation (EU) 2024/886) entered into force on 8 April 2024. The payer’s PSP is required to offer the payer a service ensuring verification of the payee to whom the payer intends to send a credit transfer (service ensuring verification). The requirement is mandatory for all PSPs, EMIs, Credit Unions and Financial Institutions in scope of IPR. 

Sending VoP (VoP Requester): This refers to the entity initiating the payment transaction and sending a request for verification of payee details to the VoP responder.  

Receiving VoP (VoP Responder): This refers to the entity receiving the VoP request and providing the necessary verification information. The VoP responder is typically the recipient’s bank or payment service provider.

Verification of Payee should be deployed by Banks, Financial Institutions, E-money institutions, credit unions and any institutions which offer payment accounts and facilitate Euro credit transfers.

Yes, TechnoXander offers both VoP Requester and VoP Responder modules. Financial Institutions can choose to offer both or just Sending/Receiving capabilities depending on their requirement.

Yes, Electronic Money Institutions (EMIs) are required to provide Verification of Payee (VoP) if they offer payment accounts. 

EMIs that offer payment accounts are considered PSPs and must comply with the VoP requirements.

VoP reduces APP fraud, reduces misdirected payments, and enhances customer trust. It is especially important as PSPs in Eurozone will now provide Instant Payments which generally carry higher risks.

You should implement VoP right away: 

• Compliance with evolving regulation – it helps you meet the latest payment security standards 

• Lead against your peers – Set yourself apart with superior payment protection provider 

• Zero the payment error – it helps you verify the payment details upfront

The request for Payee check is sent to TechnoXander VoP Requester.TechnoXander VoP requester leverages its Routing and Verification Mechanism to route request to payee PSP.  

Upon receiving response from Payee PSP, TechnoXander VoP requester confirms a Match, Close Match, or No Match message for Payer. 

TechnoXander VoP Requester is already integrated with many digital banking channels. Please speak to us to see if you can benefit from zero implementation costs for VoP Requester.

TechnoXander VoP Responder receives the payee verification request on behalf of responding bank. 

VoP Responder module comes with smart name-matching algorithm which can account for cultural differences, naming conventions etc.   to return a matching response in line with requirements set by NPC, EPC or Pay.UK.

RVM stands for Routing and Verification Mechanism. An RVM works as a medium between banks and other RVMs.  

TechnoXander as RVM connects with 5000+ institutions. TechnoXander RVM has capabilities of connecting directly with PSPs or routing via other RVMs. 

Our VoP solution is available on a 24/7/365 and is designed for high availability ensuring uninterrupted service. 

We achieve this by incorporating zero touch deployments, Continuous Integration and Continuous Deployments in design. 

Absolutely, our solution is fully compliant with EPC , NPC, Pay.UK schemes.  

We are fully compliant with Instant Payment Regulations, GDPR and DORA so you have nothing to worry about! 

Our approach ensures a smooth integration process with minimal disruption. 

Our team has extensive experience in integrating VoP solutions. We have already integrated with numerous digital banking and core banking platforms, which means that for many institutions, the setup requires little to no additional integration time or costs. 

This allows you to quickly adopt our solution without the need for extensive development work or significant investment.

The implementation timeline can vary depending on your specific requirements, but we aim to deliver in 6-8 weeks.

We understand not everyone likes to use API and so, we have provided a user intuitive front-end portal. Our banking suite enables payment operations team to perform single and bulk payee checks via user friendly portal. Our banking suite portal does not have limitations of number of users, and we do not charge for portal use based on number of users. 

Yes, we provide full assistance and training to ensure successful implementation and ongoing use of our solution. 

We are ISO27001:2022 certified which ensures data protection for all personal data. We employ robust security measures, including encryption and data privacy protocols, to protect your data. We adhere to and implement all technical guidelines of the European Payments Council (EPC) in our VoP product. 

Our solution offers global coverage, advanced matching algorithm accounting for cultural differences, homographs and biases to provide accurate name matching results reducing false positives.

Yes, our solution has a global reach, enabling you to verify payees in various countries. 

Our pricing is economical and tailored to your specific needs. We offer usage based flexible pricing models to meet your budget.

Our solution can help you reduce fraud, improve operational efficiency, enhance customer satisfaction, and comply with regulatory regulations. 

We provide dedicated customer support 24×7, including technical assistance and troubleshooting. 

You can reach our support team by phone, email, or live chat.