iPiD, a payment validation solutions provider, has published guidelines and strategies that payment service providers (PSPs) can adopt to comply with the European Verification of Payee (VoP) mandate by October 2025. The white paper titled "Verification of Payee: The Race to Compliance" is authored by the firm's CEO, Damien Dugauquier. The VoP mandate marks a significant shift in payment security standards.

Looming Payment Security Regulations

According to the press release, iPiD's white paper analyzes the technological, operational, and strategic adjustments required for PSPs to meet compliance standards. It highlights the importance of interoperability and secure API integration across European payment channels. This regulation aims to mitigate misdirected payments and shift liability from payers to PSPs.

Dugauquier mentioned: "With the Verification of Payee mandate, we stand at a critical juncture in enhancing payment security and integrity across Europe."

"Our whitepaper not only guides PSPs through the compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term journey but also illuminates the path towards leveraging these changes to develop premium payment security solutions. It's a testament to the collaborative effort of leading industry experts to fortify the payment ecosystem against fraud."

Singapore-based fintech #iPiD has launched the ‘Verification of Payee: The Race to Compliance’ #guide for payment service providers (#PSPs).

Read more here 👉 https://t.co/lOI5QKyL4T pic.twitter.com/PEJ4X1PbYs

— The Paypers (@ThePaypers) April 4, 2024

Notable contributors include Christian Sarafidis from Microsoft, Jeroen Holscher of Capgemini, and Eran Vitkon from Finastra, among others. The contributors offered their perspectives on digital transformation, fraud prevention, and the role of innovative solutions in bolstering payment security.

Insights from Industry Leaders

With the looming VoP mandate, Dugauquier emphasized the importance of enhancing payment security across Europe. The white paper outlined steps for compliance within the next six months. Among the recommended strategies is the collaboration with specialist providers to streamline the implementation of the regulations.

iPiD is a fintech startup established in 2021 by a team with a background in major payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and technology firms, such as SWIFT and Thomson Reuters.

According to the company's website, the team spans India, Belgium, the Americas, the UAE, Malaysia, the Netherlands, South Africa, Spain, Vietnam, and Singapore. iPiD aims to enhance cross-border payments through collaboration with financial service providers like banks, payment systems, and fintech companies.