Any organisation that processes account-to-account payments, such as banks, building societies and third party payment providers, will need to be able to support VoP checks by the October 9 deadline. This includes responding to VoP queries from other financial institutions.

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.   

Financial institutions that have not implemented the required VoP processes and systems by the deadline may be non-compliant with regulatory requirements. They risk penalties, fines or even limitations on certain payment activities until capability is proved. It is important to have a solution in place to avoid any business disruption.

We recommend speaking to an expert payments provider who can help assess your requirements and integrate a proven VoP service. An outsourced solution is often the simplest way to ensure quick and full compliance without heavy investment of internal resources.

Verification of Payee reduces the chances of payments being accidentally or deliberately misdirected. This means less APP fraud, increased customer confidence and less time spent by your teams investing in fraud.

From October 9th 2024, PSPs must reimburse consumers who have fallen victim to an APP scam when using Faster Payments. The reimbursement will be split 50:50 between sending and receiving PSPs. Thus it becomes all the more important for PSP’s to implement VoP. 

Big banks are implementing VoP solutions to protect their customers from APP Fraud. The fraudsters are now targeting smaller players and push fraud is moving to the periphery. Implementing VoP will ensure that your institution does not become a fraudster’s target for push fraud.

TechnoXander can implement the VoP solution the very next day. In our experience, the timeframe for implementation primarily hinges on the customer’s capacity to carry out and test the process.

TechnoXander CoP is not a white-label solution. We are not rebranding and reselling. We have built our solution which means our experts know what sits in each component. We control builds and releases for a quick turnaround in the next phases.

TechnoXander’s VoP solution is API driven payment type agnostic solution. It can be used to check details for any new or modified payee for any payment type.

Absolutely, no problem there. TechnoXander’s VoP solution is available with other alternate ways to implement apart from API. Your organisation can opt to implement either of the below options:

• Data file upload
• Secure File Transfer
• Database Integration

We provide an easy to use single API integration which will provide you the capability to request IBAN name check as well as respond to name check requests from other PSPs using VoP. 

VoP helps mitigate Authorised Push Payment (APP) fraud through account and name checking details, making it arguably harder for scammers to trick people into sending money to the wrong account.

Though building allows you complete control, it requires significant development resources. However, buying a pre-built solution can be deployed faster and leverages the expertise of the provider on factors such as deployment timeliness, cost of development, matching accuracy, and trained teams to manage ongoing maintenance.

Definitely not. TechnoXander does not process the data outside Europe.

TechnoXander is an ISO-certified company and complies with ISO 27001:2022 standards.

TechnoXander VoP is ready to meet and greet you. Please Contact Us to request a demo and arrange 1-1 chat with our experts.

By validating the payee’s name and account details, our VoP solutions reduces the likelihood of misdirected payments leading to lower return rates and reduced costs associated with failed transactions.