Iberpay's VoP service, developed to comply with the European Payments Council's VoP scheme and meet the requirements of the amended Instant Payments Regulation (IPR), integrates with your payment processes to return instant responses on how closely a beneficiary's name matches the IBAN before an ordinary or instant payment is made.

Iberpay's VoP service is a sector-wide solution. It runs on a centralised model with Iberpay acting as the Routing and Verification Mechanism (RVM) for the whole sector. The scheme works for all types of payments, including bulk payments, which means all participants get a standard experience, through a single technical connection, and any evolution of the verification algorithm can be smoothly coordinated.

The service has been designed to standardise requests between participants, ironing out any inconsistencies or discrepancies between identical requests, and is tailored to the specifics of the Spanish payments community. This customised approach makes for easy integration, lower costs and efficient regulatory compliance. 

Iberpay's VoP service is open to payment service providers (PSPs) as defined by EU Directive 2015/2366 on payment services (PSD2): 

• Account servicing payment service providers (ASPSPs): these can be either requesting or beneficiary PSPs, i.e. they must be able to send and respond to requests for verification.
• Payment initiation service providers (PISPs): these can only act as requesting PSPs. 
  
  

For further details and to start the sign-up process contact Iberpay's team at: