Open Banking infrastructure provider Konsentus has launched a fully managed Verification of Payee (VoP) service to support banks and payment service providers (PSPs) across Europe.
The new solution helps institutions prepare for the incoming Instant Payments Regulation (IPR), which comes into force in October 2025.
Recognised by the European Payments Council (EPC) as a Routing and Verification Mechanism (RVM) provider, Konsentus enables institutions to meet the VoP compliance requirement – ensuring the name of the payment recipient matches the IBAN provided.
The move aims to strengthen fraud prevention and reduce misdirected payments across the eurozone.
In the UK, a similar initiative, known as Confirmation of Payee, helped cut payment fraud by nearly 60% after its rollout in 2020.
Brendan Jones, chief operating officer at Konsentus said: “Becoming an RVM provider is a natural extension of our core mission: to deliver trust in digital finance.
Brendan Jones, chief operating officer at Konsentus
“With our fully managed VoP service, we offer PSPs across Europe a compliant, scalable and ready-to-deploy solution that meets EPC requirements, protects customers, streamlines operations and fosters long-term confidence in instant payments.”
As VoP becomes mandatory across the Eurozone, PSPs face growing pressure to adopt robust, secure solutions that reduce risk, improve operational efficiency and maintain customer trust.
Konsentus’ VoP solution is a cloud-based service offering real-time and batch processing, with full request and response functionality, including match, no match and close match outcomes. It integrates easily with the EPC Directory Service and other EU PSPs via a simple API.
For institutions opting to build VoP capabilities in-house, Konsentus also offers its Certificate Chain Service (KCCS), which automates eIDAS QWAC certificate authentication and eliminates the need for manual trust store management.
Further reading: Konsentus chosen by DenizBank AG to support Open Banking operations
