The EU regulation on instant payments published in 2024 will make the introduction of a Verification of Payee (VoP) mechanism mandatory for all European banks that offer SEPA payments. The aim of this measure is to effectively prevent payment fraud and sustainably increase transparency and security for consumers.
Regardless of whether payments are made at the bank counter, via mobile or online banking - in future, payers must be able to check whether the recipient name entered matches the IBAN provided before sending a SEPA credit transfer. The European Payments Council (EPC) has defined clear requirements for this in order to ensure a uniform and reliable comparison across Europe.
In response to the new VoP obligation, CPB has developed a VoP module that assumes the function of a Routing and Verification Mechanism (RVM) - compliant with the EPC specifications and ready for productive use. In this way, we support financial institutions not only in meeting the new requirements, but also in offering their customers a higher level of security in payment transactions.
Now is the ideal time to integrate VoP both strategically and technically into existing infrastructures - in order to meet regulatory requirements at an early stage and at the same time create real added value.
We would be happy to explain to you in a personal meeting how our solution works and how you can efficiently integrate VoP into your systems. Contact Fabien Kiesel directly - and ensure that you are optimally prepared when VoP becomes mandatory.
Fabian Kiesel | Head of Sales
If you have any questions or would like to find out more, please do not hesitate to contact us at
: