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Pay.UK discusses Confirmation of Payee and the EU implementation of Verification of Payee with Banfico

EU implementation of Verification of Payee with Banfico
  • Fraud
  • April 9, 2025

Our Confirmation of Payee Product Owner, Anu Raman, recently joined a panel of industry experts at Banfico’s Verification of Payee (VOP) breakfast event to discuss the implementation of the Confirmation of Payee service in the UK and how it could help inform the roll out of VOP across Europe.

At the event held in Bratislava, Anu introduced the benefits of Confirmation of Payee, explaining that the account name-checking service helps to reduce misdirected payments and provides greater assurance to end users that their payments are being transferred to, and collected from, the intended account holder. Since launching in 2020, the service has consistently proved to be a valuable and effective anti-fraud tool and has become an integral element of the payment process for end users.

Working in much the same way as Confirmation of Payee, VOP will be offered to payment service providers (PSPs) in the Single Euro Payments Area to support them in meeting new EU regulatory requirements. Set for implementation by October 2025, the VOP service aims to reduce the risk of fraud and transaction errors by enabling payers to confirm the account details of the intended recipients prior to initiating payments.

Reflecting on the insights garnered from the implementation of Confirmation of Payee, Anu highlighted how positive customer experience was vital to its success, and how we leveraged our role as an independent organisation at the centre of the UK payments ecosystem to achieve successful rollout of the service in the UK. Through close and regular collaboration with our Confirmation of Payee stakeholders, both in the UK and abroad, we were able to:

  • Inform and educate PSPs on the requirements and implementation of the service.
  • Better understand our customers’ needs to deliver end-user benefits through the service. For example, we discovered that account-naming approaches can vary significantly among PSPs and interfere with the name-checking process. We consequently developed an overall Confirmation of Payee operating rule to accommodate these variances, ensuring the ongoing effectiveness of the service.
  • Understand the interoperability of Confirmation of Payee with other account name-checking services, like VOP, to ensure the continued growth of the service.

 

Anu said: “Customer experience is vital to the implementation and ongoing development of Confirmation of Payee and other account name-checking services, such as VOP. Through close and regular collaboration with our stakeholders, we can deliver simple and effective fraud-fighting tools for the benefit of customers and end users, across the globe. I look forward to continuing this collaboration with our European colleagues through opportunities, such as today’s breakfast event, to provide useful insights for European PSPs looking to join VOP later this year.”

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