Fincom's Verification of Payee Solution
Risks and Losses
Fincom’s Verification of Payee (VoP) solution ensures accurate, real-time validation of the beneficiary’s name and account number for incoming transactions against the receiving bank’s records.
By ensuring that the payee’s name matches the account details, Fincom’s VoP solution significantly reduces the risk of funds being sent to the wrong account, whether due to fraud or simple errors. This empowers financial institutions to improve operational efficiencies and avoid expensive remediation efforts and chargebacks, thereby decreasing financial losses and alleviating administrative burdens.
Meet the EU Instant Payments Regulation
with Fincom's Verification of Payee service
Fincom’s VoP service for EU Instant Payments service providers validates beneficiary names and account numbers in incoming VoP requests against the responding bank’s (PSP) accounts database in accordance with the EPC scheme rulebook, preventing money transfers to fraudulent accounts and ensuring financial institutions’ compliance with EU Instant Payments regulations.
for Accurate Payee Verification
Fincom’s VoP solution’s sophisticated name-matching technology handles different transliterations, spelling variations, and unstructured names across 44 languages, guaranteeing accurate and rapid payee verification, minimizing errors and fraud, and enhancing transaction processing efficiency.
Accuracy and Efficiency
Fincom’s Sanctions/OFAC screening platform is powered by its distinctive Phonetic-Linguistic and Entity Resolution engines, leveraging advanced algorithms in phonetics, computational linguistics, and mathematics to deliver unparalleled accuracy and speed in payment transaction screening.
Insights
