IFX Payments selects Form3 for its Verification of Payee solution

Following this announcement, the collaboration is set to enable IFX Payments to leverage Form3’s Verification of Payee (VoP) solution for SEPA accounts, aiming to strengthen its defences against payment fraud and aligning with the Instant Payments Regulation mandate.

In addition, IFX Payments will be able to verify payees before the transactions are executed, an initiative which will take place before the Verification of Payee (VoP) scheme going live in October 2025, implemented by The European Payments Council. Both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. 

More information on the IFX Payments x Form3 collaboration

According to the official press release, the VoP scheme was developed to reduce fraud and payment errors by verifying that the payee's name matches their PSP's records for the given IBAN. This process occurs before the payment is executed, providing additional assurance that the funds are being sent to the correct account holder. At the same time, Form3’s solution is expected to ensure that IFX Payments remains compliant with the Instant Payments Regulation for its SEPA Credit Transfer and SEPA Instant Payments, in order to offer its customers optimised protection against authorised push payment (APP) fraud and payment errors.

The Form3 Verification of Payee service is underpinned by a single API, which was designed to integrate securely into existing infrastructure, giving clients the possibility to meet regulatory requirements while focusing on growth, as well as to improve the overall customer experience. Furthermore, Form3’s fully managed service is set to deliver compliance with regulations such as IPR and PSD3, while the company will provide rolling scheme updates without service interruption as well.