Numeral launches fully managed Verification of Payee solution

Following this announcement, the Verification of Payee solution is expected to empower financial institutions to comply with the European Union’s VOP regulation by the October 9, 2025 deadline. Numeral also launched its guide to the service in order to improve the manner in which FIs navigate VOP regulation. 

In addition, Numeral 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 Verification of Payee solution’s launch

As part of Europe's efforts to combat authorised push payment (APP) fraud and strengthen payment security amid the overall growing adoption of instant payments, the Verification of Payee (VOP) service was developed in order to mandate that payment service providers (PSPs) offer customers verification of payee details before initiating credit transfers.

In addition, Numeral’s VOP service will provide financial institutions with an easier plan for compliance, with a fully managed approach that handles all regulatory and technical requirements for sending and responding to VOP requests. At the same time, this process will happen without adding complexity to existing operations. As an EPC-compliant Routing and Verification Mechanism (RVM), Numeral is currently actively engaged in the EPC’s regular exchanges with RVMs and plans to participate in the scheme’s pilot phases.

Numeral’s VOP solution is designed with simplicity in mind, offering a clear and effective manner to meet compliance requirements. Additional to the process of enabling PSPs to meet all VOP compliance requirements, Numeral’s Verification of Payee tool provides a fully-managed approach (supporting the entire process from scheme adherence to go-live readiness), configurable marching algorithm (this will allow adjustments in order to achieve the right balance between risk management and user experience), and flexible integration options (the process will enable account data synchronisation via SFTP, API, manual upload, and real-time API connectivity).