Eastnets, a partner of Management Data Praha, introduces a Verification of Payee (VoP) solution designed to ensure regulatory compliance and real-time fraud protection.
VoP is a key component of the European Instant Payment Regulation (IPR) initiative and will be mandatory for all banks and payment institutions in the SEPA zone starting from October 2025. It helps prevent payments from being sent to incorrect accounts due to human error in data entry, reduces the risk of fraudulent transactions where attackers attempt to exploit false banking information, and provides users with greater confidence that their funds are reaching the correct recipient.