Tietoevry Banking, the provider of financial software solutions, is announcing that it has registered with the European Payments Council as a provider of Routing and Verification Mechanisms (RVM) for Verification of Payee (VoP) solutions.
Through a partnership with Movitz Payments, this will reportedly include confirmation of payer and payee – adding an extra “layer of security and confirmation for banks and their customers.”
VoP solutions are said to be a highly-effective means of “reducing fraud and reducing misdirected payments.”
They work by confirming the identity of a payer or payee prior to any transaction, and have been mandated for introduction “across the Single European Payments Area (SEPA) by October 2025.”
Anders Olofsson, Head of Sales for Payments and Cash Management at Tietoevry Banking said:
“The registration we are announcing today empowers us to manage requests to verify payer and payee identities on behalf of banks, as well as responses. This will save banks time and money, while introducing a solution that’s proven to reduce fraud and deliver faster, safer and more convenient transactions for clients of all kinds.”
First introduced in the Netherlands, the UK and other countries from 2018, VoP solutions have proven “effective both in reducing fraud and cutting the number of misdirected payments.”
Dutch banks reported an 81% reduction in fraud cases – specifically in invoicing fraud – while customers of all kinds reported “a 67% reduction in misdirected payments.”
For corporate customers, the number of irrecoverable invoices “was reduced by 50%.”
Magnus Hedenberg, CEO of Movitz Payments said:
“The industry spends an estimated 120 billion USD annually to address failed payments. When used effectively, Verification of Payee (VoP) becomes a powerful tool to minimize both misdirected and fraudulent transactions while significantly enhancing the end-user experience. By combining market intelligence with Verification of Payee across both online and batch payments, banks can achieve unparalleled levels of security and convenience. This enables financial institutions to not only reduce costs but also build trust and loyalty among their diverse clientele.”
Tietoevry Banking’s VoP solution follows rulebooks from both the EPC and the Nordics Payment Council (NPC), which “means that banks and payment service providers (PSPs) of all kinds can meet scheme requirements within specified deadlines.”
In addition to a VoP solution for both the Payer and Payee sides, Tietoevry Banking’s solution offers advanced file handling capabilities “to meet the wide-ranging requirements of both corporate and individual customers – as well as the capacity to add on individual capabilities as required by banks and PSPs.”
As noted in the update, Tietoevry creates “purposeful technology that reinvents the world for good.”
They are a technology company with a Nordic heritage and global capabilities.
Based on their core values of openness, trust and diversity, we work with our customers to develop digital futures “where businesses, societies, and humanity thrive.”
As mentioned in the announcement, Movitz is a FinTech company specializing in pre- and post-payment services designed to “help your financial institution streamline and enhance the payment experience for your customers and internal users.”
Their primary goal is to enhance the payment landscape by providing white-label UI services for seamless integration into banks’ online portals, as well as API “services for custom solutions tailored to each client’s unique needs.”