This post was originally published on Finextra (Security)
Tietoevry Banking has registered with the European Payments Council as a provider of Routing and Verification Mechanisms (RVM) for Verification of Payee (VoP) as new instant payment regulations come into force across the Eurozone.
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The Nordic banking technology company has partnered with Movitz Payments for the security checks, which will include confirmation of both payer and payee.
VoP schemes have been mandated for introduction across the Single European Payments Area by October 2025, following on from this week’s deadline for all banks in the Eurozone to receive instant payments.
“Instant Payments Regulations have presented some implementation challenges for banks, especially as they prepare for the arrival of the EU’s third payment services directive (PSD3), expected before 2027,” comments Anders Olofsson, head of sales for payments and cash management at Tietoevry Banking. “The registration we are announcing today empowers us to manage requests to verify payer and payee identities on behalf of banks, as well as responses. This will save banks time and money, while introducing a solution that’s proven to reduce fraud and deliver faster, safer and more convenient transactions for clients of
— Read the rest of this post, which was originally published on Finextra (Security).
