EBA CLEARING has launched its latest SEPA-wide verification of payee (VOP) solution.
The new solution aims to support payment service providers (PSPs) by offering verification of payee services, which aligns with the instant payments regulation (IPR). The company says that the solution will provide PSPs with the building blocks for real-time fraud prevention and tools that are able to identify anomalies and fraud patterns at network level, through EBA CLEARING’s fraud pattern and anomaly detection (FPAD) functionality.
EBA CLEARING’s VOP solution further addresses risk considerations and limits friction for end users, in addition to fulfilling compliance requirements.
Erwin Kulk, head of service development and management at EBA CLEARING, states: “We are pleased to provide our vast user community with a pan-European VOP solution. This will allow our users to fine-tune their VOP services and seamlessly integrate them into their payment processes. We offer the possibility to enrich VOP data with other FPAD indicators. This provides users with extra insights to catch fraud not stopped by VOP.”
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