EPC publishes new Verification of Payee matching recommendations

This update from the European Payments Council (EPC) directly addresses how payment fraud is mitigated at the point of transaction. For retailers and operators, this is a look at the 'under the hood' improvements coming to bank transfers and digital payments. The new recommendations focus on 'Verification of Payee' (VOP), which is the process that ensures the name on a bank account matches the person your customer thinks they are paying. What this means for your business is a likely reduction in payment friction and misdirected transfers. The updated guidance helps technology providers better handle special characters, abbreviations, and name matching. If you offer direct bank transfers or high-value financing options where customers pay via wire or instant transfer, these standards make those transactions safer. It reduces the risk of 'Authorized Push Payment' (APP) fraud, where customers are tricked into sending money to a scammer's account. While this is a European initiative, these standards often set the benchmark for global payment security. Better matching means fewer rejected payments and more confidence for your customers when they hit 'send' on a large purchase.

Source: Finextra

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