Verification of Payee API
One Connection for European Coverage
Tailored VoP solution for European Banks & PSPs
Prevent APP fraud & lower operational costs
Prevent (inter) national payment fraud
How does it work?
When making a transfer online, Verification of Payee verifies the entered account details of the beneficiary prior to the actual transfer. When implemented, customers receive either one of the following matching results:
- Match: The entered IBAN and Name match. A notification is shown to your customer indicating that the entered details are correct.
- Close match: the name entered differs slightly from the name that belongs to the entered IBAN. The customer receives a notification with a clickable name suggestion. When clicked, the name is automatically corrected.
- No match: the name entered does not match the entered IBAN. The customer receives an error notification and can cancel the payment to check the data.
Banks decide which notification is displayed to customers
Verification of Payee Add-ons
SWIFT Pre-Validation Service
Expand your reach on a global scale by leveraging the pre-validation service offered by Swift. SurePay is an official Enabler partner of Swift and can take banks from local Verification of Payee to EU and beyond to Global.
Trust in a secure and accredited platform for a frictionless and fraud-resistant financial experience.
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European Batch Check
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Fraud Risk Indicator
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Switch Check
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PayID
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As the inventor and pioneer of the Verification of Payee solution, SurePay’s experience and technical expertise in rolling out our technology across the EU puts us in a position to offer a quick, frictionless, and best-in-class implementation for regulated financial institutions.
– Bridget Meijer, Manager New Markets SurePay
How VoP can benefit your Bank
Fraud & Repairs
- Protect your customers against fraud and misdirected payments
- Remove friction in the international payment process
- Avoid payment investigations
- Avoid rejected instructions
Domestic & Cross-Border solution
- One connection via SurePay
- SurePay connects to European countries/schemes with a Verification of Payee solution
- SurePay makes sure the request is translated in the correct format
Clean Payment Order
- Trust from customers
- Contributes to a positive reputation
- Fast and efficient cross border payment process
- Lower operational costs
Want to know more about Verification of Payee?
Schedule a meeting
Download our brochure
Our Verification of Payee brochure provides essential information about Verification of Payee and the instant payments legislation.