This post was originally published on Finextra (Security)
IFX Payments, a service-led alternative banking partner, today announces it will be using Form3’s Verification of Payee (VoP) solution for SEPA account, strengthening its defences against payment fraud and aligning with the Instant Payments Regulation mandate.
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Ahead of the Verification of Payee (VoP) scheme going live in October 2025, implemented by The European Payments Council, IFX Payments will now be able to verify payees before payments are executed.
The VoP scheme is designed to reduce fraud and payment errors by verifying that the payee’s name matches their PSP’s records for the given IBAN. This occurs before the payment is executed, providing additional assurance that the funds are being sent to the correct account holder.
Form3’s solution will ensure that IFX Payments is compliant with the Instant Payments Regulation for its SEPA Credit Transfer and SEPA Instant Payments, offering its customers enhanced protection against authorised push payment (APP) fraud and payment errors.
The Form3 VoP solution is underpinned by a single API designed to integrate seamlessly into existing infrastructure, allowing customers to meet regulatory requirements while focusing on growth, to improve the overall
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