Open Payments teams up with Movitz Payments to bolster security with VoP integration

Source: Open Payments

Open Payments is strengthening its payment infrastructure with Verification of Payee (VoP) now integrated directly into the Open Payments API, adding another layer of security to payments initiated from ERPs, accounting platforms, treasury systems, and other business applications.

The new capability is delivered in partnership with Movitz Payments and enables Open Payments’ customers to verify that the intended recipient matches the account holder before a payment is executed.

As more business payments move away from traditional online banking and are initiated directly from the systems where companies manage invoices, suppliers, and cash flow, payment security needs to move with them. ERPs, accounting platforms, and treasury systems are increasingly becoming payment channels in their own right.

By integrating VoP into the Open Payments API, verification becomes a natural part of the payment journey – without requiring businesses or software providers to build separate integrations or introduce additional manual processes.

Verification built into the payment flow

Open Payments provides a unified banking API that enables ERPs, accounting systems, treasury platforms, and other business applications to connect to multiple banks and embed banking functionality directly into their products.

With VoP now added to the API, customers can combine payment initiation, account information, and payee verification through the same infrastructure.

Before a payment is executed, the recipient’s account details can be checked against the intended payee. This helps businesses identify potential errors or fraudulent payment attempts earlier in the process – directly in the system where the payment is being created and approved.

“Security has always been a fundamental part of how we build and deliver payment infrastructure at Open Payments. Integrating Verification of Payee directly into our API is a natural next step. It allows our customers to add another layer of protection to their payment flows without introducing separate integrations or additional complexity for their users,” said Rasmus Brenter, chief product officer and deputy chief executive officer at Open Payments.

The VoP capability is powered by Movitz Payments’ payee verification technology and integrated into Open Payments’ existing payment infrastructure.

“Business payments are increasingly initiated from the systems where companies already manage their invoices, suppliers, and cash flow. That creates huge efficiency gains, but it also means fraud prevention needs to move closer to the point where the payment is created. Together with Open Payments, we can help make those payment flows safer without making them more complicated,” said Magnus Hedenberg, chief executive officer and co-founder of Movitz Payments.

One API for more secure business payments

For ERP providers, accounting platforms, treasury systems, and other software companies, integrating VoP through Open Payments means they don’t need to build and maintain separate connections to verification services alongside their banking integrations.

Instead, payee verification can become part of the same embedded payment experience their customers already use.

For businesses, this means an additional security check at a critical point in the payment journey – before the money leaves the account.