Singapore – April 4th,2024 – iPiD, a leading payment validation solutions provider, today announced the publication of a pivotal whitepaper, “Verification of Payee: The Race to Compliance,” authored by CEO Damien Dugauquier. This comprehensive guide offers Payment Service Providers (PSPs) an in-depth analysis and actionable strategies to comply with the European Verification of Payee (VoP) mandate by October 2025. The paper is now available on the iPiD website at www.ipid.tech/verification-of-payee-the-race-to-compliance.
The VoP mandate represents a significant evolution in payment security, setting new standards to prevent misdirected payments and shifting liability from payers to PSPs. iPiD’s whitepaper outlines the technological, operational, and strategic adjustments necessary for PSPs to achieve compliance, emphasising the importance of interoperability, open data services, and the integration of secure API endpoints across the European payments ecosystem.
Authored by Damien Dugauquier, the whitepaper encapsulates insights from a distinguished panel of contributors, reflecting a wealth of experience across the financial and technological landscapes. The contributors include:
With the Verification of Payee mandate, we stand at a critical juncture in enhancing payment security and integrity across Europe,” said Damien Dugauquier, CEO of iPiD. “Our whitepaper not only guides PSPs through the compliance journey but also illuminates the path towards leveraging these changes for developing premium payment security solutions. It’s a testament to the collaborative effort of leading industry experts to fortify the payment ecosystem against fraud.”
The whitepaper provides a roadmap for PSPs, detailing the steps for compliance within the next six months, including reviewing core banking capabilities, engaging with local payment systems, and leveraging specialist providers for streamlined VoP implementation.
For additional information or to schedule an interview with iPiD’s CEO, please contact
iPiD Communications Team
Email: media@ipid.tech
Website: www.ipid.tech
About iPiD
iPiD is a fast-growing, venture-backed fintech start-up that was founded in late 2021 by a global team who have held senior roles at major payments and technology companies, including SWIFT and Thomson Reuters. In addition to our HQ in Singapore, our global team has representatives in the Americas, India, Belgium, Malaysia, Netherlands, South Africa, Spain, and Vietnam.
iPiD’s vision is to make cross-border payments easy, secure, and seamless.
We achieve this by partnering with financial services providers (banks, payment systems, payment fintechs, wallets…) to deliver an addressing data platform that helps the payment industry to provide a more efficient and user-friendly payment journey. With a focus on simplicity, security, and speed, iPiD is dedicated to breaking down the barriers in international payments, making global transactions as easy as local ones.
iPiD is built for all – we do not replace banks, payment fintechs, wallets or remittance companies; nor do we replace existing payment rails.
Whitepaper Abstract
In the evolving landscape of European payments, the introduction of the Verification of Payee (VoP) mandate represents a significant shift towards enhancing payment security. This whitepaper delves into the comprehensive strategies required for Payment Service Providers (PSPs) to align with the VoP requirements set forth by the European Regulators. With a compliance deadline of October 2025, the mandate necessitates the implementation of cross-verification services to ensure the accuracy of payee names against banking records, thereby mitigating misdirected payments and shifting liability from payers to PSPs. This document outlines the technological and operational adjustments PSPs must undertake, including the development of name-matching algorithms, the integration of secure API endpoints for inter-PSP communication, and the selection of aggregators to facilitate a pan-European VoP network. It emphasises the challenges and opportunities presented by the liability shift and the imperative for PSPs to adopt an interoperable, open data service approach to VoP, leveraging lessons from the UK’s Confirmation of Payee model and aligning with the European Payments Council’s guidelines for a seamless, secure payment ecosystem.
Key Takeaway Points
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