iPiD publishes guide for payment service providers

Thursday 4 April 2024 13:54 CET | News

Singapore-based fintech iPiD has launched the ‘Verification of Payee: The Race to Compliance’ guide for payment service providers.


iPiD, a payment validation solutions provider, announced the publication of the whitepaper ‘Verification of Payee: The Race to Compliance.’ This comprehensive guide offers payment service providers (PSPs) an in-depth analysis and actionable strategies to comply with the European Verification of Payee (VoP) mandate by October 2025.

iPiD has launched the ‘Verification of Payee: The Race to Compliance’ guide for payment service providers.

Advancing payment security with VoP mandate compliance strategies

The VoP mandate represents a significant evolution in payment security, setting new standards to prevent misdirected payments and shifting liability from payers to PSPs. iPiD’s whitepaper outlines the technological, operational, and strategic adjustments necessary for PSPs to achieve compliance, emphasising the importance of interoperability, open data services, and the integration of secure API endpoints across the European payments ecosystem.

The whitepaper gathers insights from industry players spanning financial and technological sectors. Contributors include representatives from Microsoft, Capgemini, Finastra, LexisNexis Risk Solutions, Sis ID, the Dutch Payments Association, and Bottomline. They offer valuable perspectives on various aspects of VoP implementation and its impact on fraud prevention, emphasising the need for collaboration and standardised approaches.

With the Verification of Payee mandate, we stand at a critical juncture in enhancing payment security and integrity across Europe, said executives from iPiD. Their whitepaper not only guides PSPs through the compliance journey but also illuminates the path towards leveraging these changes for developing premium payment security solutions. It’s a testament to the collaborative effort of leading industry experts to fortify the payment ecosystem against fraud.

The whitepaper provides a roadmap for PSPs, detailing the steps for compliance within the near future, including reviewing core banking capabilities, engaging with local payment systems, and leveraging specialist providers for streamlined VoP implementation.

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Keywords: PSP, compliance, fraud prevention, API, regulation
Categories: Fraud & Financial Crime
Companies: iPiD
Countries: Europe
This article is part of category

Fraud & Financial Crime


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