BORICA introduces "Verification of Payee" service for more secure and trusted payments
In response to the growing demands for security and transparency in digital payments, BORICA AD is ready to provide the "Verification of Payee" (VOP) service. Thе innovative solution is aimed at reducing fraud in online and mobile payments and increasing customer confidence in payment services.
Why is the "Verification of Payee" service important?
The introduction of VOP is essential for financial institutions, as European regulations require banks and payment service providers in the Eurozone to offer this service for instant and standard credit transfers from October 2025. From July 2027, this requirement will also apply to all other EU member states whose currency is not the euro. The "Verification of Payee" service allows payers to verify, before making a transfer, whether the recipient's IBAN matches the recipient's name. This reduces the risk of fraud or errors and ensures that funds reach the correct beneficiary.
What does BORICA offer?
BORICA AD is officially registered as a Routing and Verification Mechanism and is ready to provide:
- Full coverage within the SEPA zone for processing incoming and outgoing VOP requests
- An advanced name matching solution that ensures high accuracy and reliability of the verification
- A service fully compliant with the published rules of the European Payments Council's VOP scheme.
Benefits for payment service providers and their customers:
- Higher payment security and fraud reduction.
- Compliance with European regulations.
- Increased customer trust in digital payment services.
- More efficient and seamless payment process.
With the introduction of the "Verification of Payee" service, BORICA AD reinforces its position as a leading partner to payment service providers and contributes to building a more secure and trusted payment ecosystem.
