Following this announcement, the new offering will optimise the manner in which banks and PSPs comply with the upcoming Instant Payments Regulation (IPR) and combat payment fraud.
In addition, Konsentus will enable institutions to meet the October 2025 IPR deadline, as the VoP will ensure that the name of a payment recipient matches the IBAN provided. This process will add an important layer of protection against fraud and misdirected payments, as the company 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.
As the Verification of Payee (VoP) service will become mandatory across the Eurozone, financial institutions are under pressure to implement a compliant solution, while the initiative avoids liability, protects consumers, and maintains trust in instant payments.
The Konsentus VoP offering was developed as a cloud-based, fully managed service that supports both request and response functionality, including match, no match, and close match outcomes with real-time or batch processing options. At the same time, it also integrates with the EPC Directory Service (EDS) and other EU PSPs via a simple API, in order to enable rapid onboarding and interoperability across the SEPA zone.
In addition, for institutions that are pursuing in-house VoP strategies, Konsentus will also provide its Certificate Chain Service (KCCS), which was designed to automate eIDAS QWAC certificate authentication. This process will remove the operational burden of manual trust store management and strengthen API security.
According to the official press release, the VoP solutions were developed to reduce complexity, optimise efficiency, and build confidence in every transaction, as well as improve the manner in which Europe’s payments ecosystem meets regulatory obligations and safeguards public trust in instant payments.
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