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The Verification of Payee (VoP) scheme is a set of rules, practices and standards to achieve interoperability for the provision of verifying payment account numbers and names between participants of the SEPA Instant scheme.

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When consumers or businesses make payments, the Verification of Payee service provides confidence that the money is going to the right account. Before they transfer the funds, they can check that the name on the recipient account matches the person or business they intend to send the money to, so ensuring the funds end up in the right place.

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Our Verification of Payee service supports PSPs by providing a cloud hosted capability.   All the complexity of name matching, in strict accordance with the VoP Rulebook, is provided by our service.   

Routing and Verification Mechanisms (RVM) is a capability to route VoP requests and responses. 

 

The role of an RVM is to: 

• Receive VoP Requests from the PSP participating in the SEPA Instant scheme 

• Forward the VoP Requests in full to the responding PSP who participates in the relevant RVM, ensuring that all data submitted by the requester PSP reaches the responding PSP 

• Forward the VoP response in full and without any alteration to the Requesting PSP

• Provide any required risk management procedures and other related services 

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Apicunia act as an RVM service provider, providing the necessary lookup of the responding PSP and the routing of the request to them and the corresponding response back to them.​​

The SEPA Instant scheme provides for a capability to ensure that that the bank account of the Payee is reachable using the SEPA Instant scheme.

 

To achieve this, a directory of bank accounts, identifiable by their IBANs, will be made available.

 

Apicunia provides a hosted service to support checking the reachability of a Payee bank account via the SEPA Instant scheme.

The SEPA Instant payments scheme mandates that rich data relating to a payment is captured.  

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Apicunia provides a hosted service for the storage of this mandatory payment data.  Such data is useful for supporting payments operational processes but also offers the opportunity to provide a wealth of actionable insights into customers spending behaviour.

 

Apicunia has conceived a set of tiered services around the rich payment data.

• Standard queries 

• Standard reports

• Rich data mining services delivering customised insights

• Integration services to this data to embed  into your own organisations data intelligence services