Tietoevry Banking Introduces New Fraud-Reduction Solutions In Europe
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Tietoevry Banking, a company that works with financial software, said it is now registered with the European Payments Council. The company said it will offer a new service called Verification of Payee (VoP). This service checks if the names on the accounts are correct before a payment is sent.
Tietoevry Banking is working with Movitz Payments to run the service across Europe. According to the update, the company said this tool will help banks save time, lower fraud, and ensure payments are sent safely. Banks in Europe must use VoP solutions by October this year.
New Tietoevry Tool Helps Stop Fraud and Wrong Payments
VoP services are very good at stopping fraud and reducing payment mistakes. These tools check if the payer and payee information matches correctly. This helps stop payments from going to the wrong person. VoP solutions were first used in countries like the Netherlands and the United Kingdom in 2018.
Tietoevry said the new service is part of the Instant Payments Regulations (IPR). Banks are preparing for new rules named the Third Payment Services Directive (PSD3), which the company said might come by 2027.
Anders Olofsson, Head of Sales for Payments and Cash Management at Tietoevry Banking, said the new service will improve payments. He also said the new service will help banks save time and protect their customers from fraud.
According to the update, the service handles all the steps to check if payments are safe. Banks can rely on these tools to help them follow new rules and provide better service to their customers. Magnus Hedenberg, leader of Movitz Payments, said VoP tools also help banks gain trust from their customers. He explained that fewer failed payments mean happier clients and stronger relationships.
Banks Prepare For Payment Changes
Banks in Europe are working to follow the new rules for payments in the new year. VoP tools will be required in the Single European Payments Area (SEPA) to keep payments safe and correct.
Tietoevry and Movitz Payments believe this service will help banks handle the changes easily. According to the update, customers will also feel more secure, knowing their payments are sent correctly. Experts said the financial industry spends over 120 billion USD every year fixing payment problems. With VoP solutions, banks can avoid these issues and save money.
Tietoevry’s latest service aims to help European banks. The company said the service stops fraud and ensures money goes to the right person. This is good news for both banks and their users. With the deadline near, more banks are choosing this service.
