Tietoevry Banking secures European Payments Council registration

By Gloria Mathias

Tietoevry Banking, the provider of financial software solutions, has announced that it has registered with the European Payments Council as a provider of Routing and Verification Mechanisms (RVM) for Verification of Payee (VoP) solutions.

Tietoevry Banking, in partnership with Movitz Payments, will manage the Verification of Payee solutions across Europe, providing client banks with a new service that saves time and money while reducing fraud.

VoP solutions are highly effective in reducing fraud and misdirected payments. 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.

“The mandate to introduce VoP solutions comes from the introduction of Instant Payments Regulations (IPR). IPR regulations themselves have presented some implementation challenges for banks, especially as they prepare for the arrival of the EU’s third payment services directive (PSD3), expected before 2027,” commented Anders Olofsson, Head of Sales for Payments and Cash Management at Tietoevry Banking. “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 in 2018, VoP solutions have proven highly effective both in reducing fraud and cutting the number of misdirected payments.

“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 minimise both misdirected and fraudulent transactions while significantly enhancing the end-user experience,” said Magnus Hedenberg, CEO of Movitz Payments. “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.”