What We Do
Since 1989, Bottomline has been modernizing global business payments with connected solutions for more than 800,000 financial institutions and businesses in 92 countries.
Securely and efficiently manage funds disbursements
For Businesses
Streamline the collection and management of single and recurring payments
Direct submission and processing of your UK bank payments for payables and receivables
Centralize and automate all your payment creation, controls, and submissions
Comprehensive connectivity to Swift and other domestic and global financial messaging networks
For Banks & Financial Institutions For Businesses
Convert legacy financial message formats to modern message standards
For Banks & Financial Institutions
Easily view analytics of financial messages with central repository
Reduce fraud and errors through digital account verification
Efficiently screen transactions to identify and manage sanctions risk
Stop payment fraud before it happens. Detect, investigate, and protect against internal and external threats.
View, optimize, and forecast your cash position with all accounts connected in one solution
Who We Serve
Our Company
Avoid misdirected payments and meet mandates set for payment service providers by the European Payment Council’s SEPA Inst Mandate.
Verification of Payee requires payment service providers (PSPs) providing euro credit transfers to verify the identity of a payee by matching the international bank account number (IBAN) with the name of the beneficiary. VoP is a set of rules that all PSPs in the Single Euro Payments Area (SEPA) are required to meet as part of the European Payment Council’s SEPA Inst Mandate from the European Payments Council. VoP is a key tool in mitigating Authorised Push Payments Fraud (APP) and reducing misdirected payments. Most VoP requests must be resolved in under one second, with a hard limit of three seconds.
The payer's PSP requests that the payee's PSP verifies the payee's account details, such as the payee's name, IBAN, and identification code.
The payee's PSP compares the information they received with their own records and responds to the payer's PSP. The response can be a match, close match, no match, or a statement that a match or verification check is not possible and cannot be verified satisfactory.
If there is not a match between the payment account number and the payee's name, the payee's bank will notify the payer's bank. The payer’s bank then flags this to the payer with a warning and a recommendation to check the validity of the payments. The payer can then decide if they want to proceed with the transaction or not. If a payer chooses to proceed despite the payer bank’s caution, then they are fully responsible for the outcome.
Choice: Available as a Direct or Indirect participation model
Peace of Mind: 100% compliance with scheme specifications with 24/7 service availability
Coverage: Includes both Payee and Payer name verification with 360-degree access to a user interface for single and bulk checks
Ease of Integration: Simple integration with REST APIs
Intuitiveness: Extensive MI for reporting, analysis, and audits
Book a 1:1 consultation to see how you can implement Verification of Payee.
Listen to guidance from ESBI-ESBG/European Payments Council, GEVA, EBA CLEARING, and Bottomline as they unpack the latest SEPA Inst timelines. 20% of banks and financial institutions consider the lack of clarity on the requirements for verification of payees to be the most significant barrier to adopting instant payments, and 39% are waiting for further guidance.
Speak to one of our experts today.
