Overview
The SurePay VoP connector validates payee account details for banks and PSPs, complying with the EPC Rulebook and Instant Payments Regulation. This reduces misdirected payments in the European Union (EU) and secures financial transactions by confirming the recipient’s account details. The connector uses SurePay’s VoP API suite and Grand Central to offer a seamless, out-of-the-box installation for financial institutions in the EU. The connector maintains high standards of security and compliance while providing a frictionless user experience. Its features suit both retail and business banking scenarios where payers are required to verify payees’ identities before making any payment within the EU.Key Benefits
- Real-time verification: Under 5 seconds as per EPC regulation
- Fraud reduction: Immediate detection significantly reduces fraudulent activity risk
- Faster transactions: Streamlined payment process with upfront verification
- Enhanced security: Verify payee details before payment initiation
- Regulatory compliance: Meet EPC Rulebook and Instant Payments Regulation requirements
- Misdirected payment prevention: Confirm recipient account details before execution
Features
Verify Payee Information
The SurePay VoP connector enables payers to verify payee payment information using either of the following methods: Method 1: Name and IBAN- Preferred validation method for individuals or organizations
- Verifies name against International Bank Account Number (IBAN)
- Preferred validation method for organizations
- Verifies Legal Entity Identifier (LEI) against IBAN
Required Details for Verification
From Payer:- Name of person/organization OR LEI of organization
- IBAN of person/organization
- BIC of the payer (provided by payer’s bank)
- Bank Identifier Code (BIC) of the payee
Verification Process
- Data Collection: Payer provides required information
- Request Submission: SurePay receives verification data
- Bank Routing: Information passed to payee’s bank
- Verification: Payee’s bank confirms data correctness
- Response: SurePay responds with verification result
Verification Results
The connector returns one of the following verification statuses:MTCH (Match)
- Status: Confirmed match
- Meaning: Details provided match a record in the system
- Action: Proceed with payment confidently
NMTC (No Match)
- Status: No match
- Meaning: Details don’t match any records in the system
- Action: Review and correct details before proceeding
CMTC (Close Match)
- Status: Partial or approximate match
- Meaning: Name closely matches a record but has slight differences (e.g., spelling variations)
- Provided: Closest matching name for review
- Action: Payer confirms if it’s the intended recipient before proceeding
NOAP (Not Applicable)
- Status: Not applicable
- Meaning: Details not supported/known by responding PSP, or verification check not possible/applicable
- Action: Consider alternative verification method or contact payee
Use Cases
EU Payment Verification
Verify payee details for all EU domestic and cross-border payments.Instant Payments Compliance
Meet Instant Payments Regulation requirements for payee verification.Fraud Prevention
Detect fraudulent payee details before payment execution.Misdirected Payment Prevention
Ensure payments reach intended recipients by verifying account details upfront.Organization Payments
Use LEI verification for secure business-to-business payments.Individual Payments
Use name and IBAN verification for person-to-person payments.Regulatory Compliance
Meet EPC Rulebook requirements for Verification of Payee.How It Works
Name and IBAN Verification Workflow
- Payment Initiation: Payer selects or enters beneficiary for EU payment
- Detail Collection: System collects:
- Payee name (individual or organization)
- Payee IBAN
- Payer BIC
- Verification Request: Details sent to SurePay VoP API via Grand Central
- Bank Routing: SurePay forwards request to payee’s bank
- Verification Response: Payee’s bank returns verification result
- Result Display: System displays result (MTCH, NMTC, CMTC, or NOAP)
- Payer Decision: Based on result, payer decides to proceed or take corrective action
LEI and IBAN Verification Workflow
- Organization Payment: Payer initiates payment to organization
- LEI Collection: System collects:
- Organization’s Legal Entity Identifier (LEI)
- Organization’s IBAN
- Payer BIC
- Verification Request: LEI and IBAN sent for verification
- LEI Validation: SurePay validates LEI against IBAN
- Result Return: Verification result provided
- Decision: Payer proceeds based on result
Supported Payment Types
The SurePay VoP connector supports verification for:- SEPA Credit Transfers
- SEPA Instant Credit Transfers
- EU domestic payments
- EU cross-border payments
- Person-to-person payments
- Business-to-business payments
- Business-to-person payments
Supported Operations
Through the Grand Central Unified API Specification:- Verify payee by name and IBAN: Validate individual or organization details
- Verify payee by LEI and IBAN: Validate organization details using LEI
- Retrieve verification results: Get MTCH, NMTC, CMTC, or NOAP status
- Access close match details: Receive closest matching names for CMTC results
- Real-time processing: Sub-5-second verification as per EPC regulation
- Support individual payees: Verify personal account holders
- Support organization payees: Verify business account holders with name or LEI
Configuration
Configure your SurePay VoP connector through the Grand Central platform:- API credentials and authentication
- SurePay VoP API endpoint configuration
- BIC routing configuration
- Verification method preferences (name/IBAN or LEI/IBAN)
- Response handling settings
- Timeout parameters (aligned with EPC 5-second requirement)
- Error handling and fallback strategies
- Close match threshold settings
Integration Benefits
- Regulatory Compliance: Meet EPC Rulebook and Instant Payments Regulation requirements
- Fraud Prevention: Verify beneficiary details before payment execution
- Misdirected Payment Prevention: Ensure payments reach correct recipients
- Fast Verification: Sub-5-second response time as mandated by regulation
- Customer Protection: Protect customers from payment fraud and errors
- Real-Time Verification: Instant verification during payment setup
- LEI Support: Enhanced verification for organization payments
- Enhanced Trust: Build customer confidence in EU payment security
- Reduced Disputes: Minimize payment disputes and investigations
- Seamless Integration: Out-of-the-box integration with EU payment systems
- Faster Time-to-Market: Pre-built connector eliminates custom development
- Scalable Solution: Handle high-volume verification requests across EU
- BIAN Compliance: Standardized payment verification interactions
EU Market Specifics
Regulatory Context:- EPC Rulebook mandates Verification of Payee for EU payments
- Instant Payments Regulation requires payee verification
- Applies to SEPA and EU domestic/cross-border payments
- Protects against payment fraud and misdirection
- Name and IBAN: Standard for all payees
- LEI and IBAN: Enhanced for organizations
- BIC-based routing: Standardized across EU
- Maximum verification time: 5 seconds (per EPC regulation)
- Real-time results for payment decision-making
- High availability for continuous verification support
- Works with all EU banks supporting VoP
- Standardized verification process across jurisdictions
- Consistent result format (MTCH, NMTC, CMTC, NOAP)