Centralised connection (RVM)
A single access point for easy technical and operational interoperability between participants
Connects to other solutions
Interconnects with other VoP solutions for seamless compliance with the Instant Payments Regulation
Sector-wide algorithm
A single algorithm that standardises messages between all participants in the sector
What is the Verification of Payee service?
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.
Standard VoP algorithm for all sector participants
The Verification of Payee (VoP) service uses a standardised algorithm for the entire sector, so any user submitting a particular data request will get the same response. A single common algorithm guarantees a consistent standardised service across the whole sector.
The algorithm’s rules are defined sector-wide for all participants and the results Iberpay returns, in its role as Routing and Verification Mechanism (RVM), are valid for VoP responses, except in the event of an obvious technical error. Any changes to the algorithm must be approved ahead of time by the Technical Advisory Committee (TAC).
The algorithm evolves through a coordinated and transparent process of consultation between Iberpay and its members. Any unexpected behaviour or suggested improvement is analysed for technical and operational impacts. If appropriate, a proposal for change then goes forward for review by groups representing the affected sectors and is escalated up to the TAC. If approved, Iberpay first implements the change in a test environment to verify cross-sector performance and, when passed, it goes into production via a controlled process with rigorous follow-up.
Iberpay is the author of the algorithm and holds all associated intellectual property rights. The algorithm is registered with the US Copyright Office (USCO) and its use is restricted to providing VoP services to the payments sector.
How to become a participant
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: