Verification of Payee (VoP) is a process designed to ensure that payments are sent to the correct bank account. Before the payment is processed, the system verifies whether the name of the payee matches the name of the account holder associated with the provided IBAN number. This reduces the risk of errors and fraud related to incorrectly entered payee information.
VoP is a key component of the European Instant Payment Regulation (IPR) initiative and will be mandatory for all banks and payment institutions within the SEPA zone starting from October 2025. It prevents payments from being sent to incorrect accounts due to human error, reduces the risk of fraudulent payments where attackers attempt to use false bank details, and gives users greater confidence that their money will reach the intended recipient.
Eastnets, partner of Management Data Praha, offers a Verification of Payee (VoP) solution designed for regulatory compliance and real-time protection.
Key Features:
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Real-time payee verification in under 5 seconds
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Go-live in as little as 4 weeks
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Advanced matching to reduce false positives
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Fully managed cloud service with 24/7 support
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Automatic compliance with scheme updates
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Manual VoP checks for single and bulk submission
Learn more on the Eastnets website.