Following this announcement, the company is expected to provide client banks and financial institutions with the Routing and Verification Mechanisms (RVM) for Verification of Payee (VoP) solutions, aiming to save time and money, while also reducing fraudulent activities and threats.
In addition, Tietoevry Banking will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
According to the official press release, the partnership with Movitz Payments will also include confirmation of both payer and payee, which is set to add an extra layer of security and confirmation for banks and their customer base.
The VoP services were developed as a highly effective means of reducing fraud and misdirected payments, as they work by confirming the identity of a payer or payee prior to any transaction. They have been mandated for introduction across the Single European Payments Area (SEPA) by October 2025. According to officials from the company, the mandate to introduce VoP solutions also came from the incorporation of Instant Payments Regulations (IPR).
Tietoevry Banking’s VoP solution was designed in order to follow rulebooks from both the EPC and the Nordics Payment Council (NPC), which means that banks and payment service providers (PSPs) of all kinds will be given the possibility to meet scheme requirements within specified deadlines. In addition to a VoP product for both the Payer and Payee sides, Tietoevry Banking’s solution will deliver secure and optimised file handling capabilities in order to meet the wide-ranging requirements of both corporate and individual clients, as well as the opportunity to add on individual capabilities that are requested by banks and PSPs.
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