Europe-based open banking and Pay by Bank provider Neonomics has deployed Movitz Payments’ Verification of Payee (VoP) technology within Nello Pay, its solution for accepting account-to-account (A2A) payments online. The capability is live in Finland, and the companies plan to extend it to Sweden, Denmark, and Norway in 2027.
Nello Pay lets businesses accept payments made directly from consumers’ bank accounts. With VoP built into the payment flow, the service checks whether a recipient’s name matches the associated account details before a payment is made. If there is a discrepancy, the payer can be alerted before proceeding, which is intended to reduce payment errors and certain types of fraud.
Finland as the starting market
Finland is a relevant market for the deployment. According to Worldpay data from 2026, Pay by Bank accounts for more than 27% of online payments in the country. VoP has been operational in Nello Pay in Finland for just over a year and is used by some of the country’s major payment platforms.
The deployment has also shown how requirements differ between merchant types. Onboarding merchants with only a few payees is relatively straightforward. In addition, larger platforms managing numerous sub-merchants can find it harder to keep name data aligned with account details. To address this, Neonomics has embedded VoP checks into its onboarding process and introduced merchant self-checks designed to reduce name mismatches before payments reach payers. Once a payee has been verified, Nello Pay displays a green ‘verified’ badge next to the merchant.
Regulatory timeline and Nordic expansion
The EU’s VoP requirements introduce an additional safeguard against misdirected payments and certain types of fraud. Neonomics is preparing to extend the capability to Sweden, Denmark, and Norway ahead of the regulation coming into force in July 2027.
Alfonso Munoz, CEO of Neonomics, said the company treats regulatory compliance as a baseline. Its continued investment is directed at anticipating emerging risks and improving payment security, and the company presents the Finnish deployment as one example of that approach.
For businesses, the model removes the need to build a separate integration. Movitz Payments’ technology is accessed through Nello Pay, so merchants can use payee verification within their existing Pay by Bank set-up. Magnus Hedenberg, CEO and co-founder of Movitz Payments, said the integration allows businesses to combine Pay by Bank payments with an additional layer of protection. It was also pointed to further opportunities as verification becomes a more important part of the payment experience across Europe.
Potential use in payouts
Beyond incoming payments, the two companies are exploring how payee verification could support payouts to customers. The sectors under consideration include lending, investment, savings, and marketplaces, where confirming recipient details is an important part of the payment process. This work could extend VoP from pay-ins to outgoing payments within the same infrastructure.
