Focus on compliance and security
With the new EU regulation from the European Payments Council on Verification of Payee (VoP), banks and financial institutions are faced with the challenge of enabling IBAN name matching for transfers. This is to ensure that the payee's details are verified before a transaction is authorised – a crucial step in preventing incorrect transfers and making payment transactions throughout the SEPA area even more secure.
Our solution offers banks and financial institutions a powerful, secure and ready-to-use software solution that meets all regulatory requirements. Together with Bank-Verlag as a service provider, we offer you BV VoP – powered by msg, a reliable, scalable SaaS solution that can be seamlessly integrated into your existing systems.
BV VoP – powered by msg
The solution for verification of payee in the SEPA area – high-performance, scalable and secure.
BV VoP – powered by msg uses all the necessary European routing and verification mechanisms (RVMs) and enables you to consistently and seamlessly compare the IBAN with the stored recipient data. It fulfils both active and passive VoP obligations and is fully EPC-compliant.
What is Verification of Payee (VoP)?
VoP is an essential component of the new EU payment transaction regulations. Banks and payment service providers must offer a service that allows the IBAN and the payee to be verified before a transfer is made. This serves to ensure the security and accuracy of payment transactions.
One solution – many benefits
Our solution offers a comprehensive range of services and a wide variety of customisation options tailored to the individual needs of banks and financial institutions. BV VoP – powered by msg enables seamless integration into existing payment processes and supports implementation as a flexible cloud solution in SaaS mode.
Banks also benefit from transparent and cost-efficient pricing models that have been specially developed to keep implementation and operating costs as low as possible without compromising on the necessary performance and scalability.
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Reporting & Analysis
Create your own reports using the reporting tool or individual VoP reports.
Configuration
We offer configuration services to optimise the management of false negatives.
Customisation
Configure your own business rules to adapt to local criteria and strengthen your evaluation criteria.
All-in-one solution
- The solution receives incoming enquiries from external sources and responds to them directly.
- The solution processes internal enquiries, forwards them or responds to them itself.
- Both individual enquiries and bulk enquiries can be processed and responded to.
Simple connection via SaaS
- Any bank can easily connect to the solution and integrate it into its processes using the API provided.
- A real-time interface is available for connecting the data, which only queries the explicitly requested data records, as well as an API that can be used to upload master data.
- The APIs comply with the highest security standards and are easy to implement.
Fast processing
- The solution responds to a request within one second on average.
- Bulk queries can be downloaded via the interface within seconds.
*Disclaimer: this only applies to payments that are processed internally.
Secure future with BV VoP - powered by msg
The EU Regulation on Verification of Payee comes into force – with BV VoP – powered by msg, you are well equipped to meet this challenge. Our solution offers you maximum security and performance while ensuring you effortlessly meet compliance requirements.
Strong together – a software and service package
‘By working with Bank-Verlag, we are circumventing a problem faced by many of our competitors. When it comes to data storage and security, we are way ahead in the favour of security-conscious German institutions. The strict separation of VoP services and ZV applications also avoids unwanted interactions when sharing a common environment.’
– Henrik Büttgen, Principal Business Consultant ITC Payments
Your contact persons
works as a Senior Business Consultant in the Payments team at msg for banking and advises financial institutions on requirements management, process optimisation and verification of payees.
heads the Payments division at msg for banking and has many years of professional experience in the financial services industry and payment transactions.