TechnoXander: Open Finance and Verification of Payee

  TechnoXander has been added to the UK government's G-Cloud 14 framework , expanding public sector access to its CoP SaaS solution. This inclusion enables public sector entities and charities to access CoP services easily through the digital marketplace. TechnoXander is a London-based fintech innovator providing secure, regulatory-compliant solutions across Open Banking, Open Finance, and fraud prevention tools such as Verification of Payee (VoP) and Confirmation of Payee (CoP). The company holds ISO 27001:2022 certification and focuses on agility, modern tech stacks, and flexible deployments. Core Solutions TechnoXander’s product suite includes: Verification of Payee (VoP) : An API that verifies a payee’s name for SEPA payments to secure transactions and prevent fraud Confirmation of Payee (CoP): Builds trust by ensuring payments reach their intended recipients Open Banking Dedicated Interface (APICall): A PSD2-compliant API solution offering AISP/PISP/CBPII access, built for...

TechnoXander’s coverage of Verification of Payee (VoP) highlights: VoP Defined:   Ensures the payee’s details (name, IBAN, or identifier like VAT/LEI) are verified before SEPA payments are authorized.  How It Works: A Requesting PSP sends payee information to the Responding PSP, which responds in real time with a status—match, partial (close) match, or no match. RVM Role: Routing & Verification Mechanisms (RVMs) handle the secure and fast routing of VoP requests/responses across PSPs, often leveraging cached copies of the EPC Directory Service for efficiency. Scope & Deadline:  Over 4,000 European financial institutions must comply by 5 October 2025, or face potential fraud risks and non-compliance. Benefits: Mitigates APP fraud and misdirected payments Enhances trust and UX in digital payments Supports regulatory alignment and operational savings Challenges: Integration complexity across systems Ensuring user acceptance Managing regional disparities in readiness...

  In the digital era where instant payments have become the norm, financial fraud prevention is more critical than ever. Among the various safeguards, Verification of Payee (VoP) has emerged as a frontline defense against Authorised Push Payment (APP) fraud , helping users ensure the money they send reaches the intended recipient. But when it comes to implementation, the UK and EU are following slightly different paths. Let’s explore how their strategies differ—and what that means for the future of scam prevention across Europe. What is Verification of Payee? At its core, Verification of Payee is a real-time name verification system that checks whether the name entered during a transaction matches the one registered with the recipient’s bank. It adds a critical layer of account verification and payee verification —helping both individuals and businesses avoid falling victim to fraud. The UK’s Proactive Approach: Leading by Example The United Kingdom has taken an aggres...

In a time where cyber fraud and digital scams are growing increasingly sophisticated, Europe is stepping up with smarter, more transparent banking infrastructure. One of the most powerful tools helping banks and consumers protect against payment fraud is Verification of Payee (VoP) . But what exactly is VoP? How does it work? And why is it gaining traction so rapidly across Europe’s payment ecosystem ? In this blog, we’ll break it down in simple terms and explore why working with a trusted Verification of Payee Service Provider is essential for seamless implementation. What is Verification of Payee (VoP)? Verification of Payee (VoP) is a fraud prevention system designed to check that the name of the intended payment recipient matches the name registered to the recipient’s bank account. It’s a simple concept with a powerful impact—especially in fighting Authorised Push Payment (APP) fraud , which involves tricking victims into sending money to the wrong person or organization. For...

In a world where digital transactions dominate, banks are under constant threat from increasingly sophisticated fraud schemes. From identity theft to authorized push payment (APP) scams, the financial sector must stay one step ahead. That’s where Verification of Payee (VoP) steps in as a game-changing solution for fraud prevention. What is Verification of Payee (VoP)? Verification of Payee is an advanced name-checking service that helps banks and businesses confirm whether the name entered by a payer matches the name registered with the payee’s bank account. This added layer of verification helps prevent funds from being misdirected to fraudulent accounts. Unlike traditional systems that only verify account numbers and sort codes, VoP verifies the actual account holder’s name , adding a new level of trust to the transaction process. Why Your Bank Needs VoP in the Digital Age As digital banking grows, so do cyber threats. Many fraudsters manipulate users into sending money to acc...

In the world of digital finance, trust is everything. Whether you’re sending money to a friend, paying a supplier, or transferring salaries, one wrong detail can result in lost funds or fraud. That’s where Verification of Payee (VoP) steps in. If you're new to this term, don’t worry—this guide will walk you through what it means, how it works, and why it’s so crucial in today's digital payment landscape. What Is Verification of Payee (VoP)? Verification of Payee (VoP) is a system that checks whether the name on a bank account matches the account number and other payment details before money is transferred. It’s like a built-in “double-check” that tells you if you're really sending funds to the right person or company. Instead of relying solely on the account number and sort code (or IBAN), VoP confirms whether the name you’ve entered matches the bank's records. This simple step can stop many types of fraud, especially when criminals try to trick users into paying i...