Sold by: Tieto
Deployed on AWS
Tieto Banktech offers an independent Verification of Payee (VoP), also known as Confirmation of Payee (CoP), as a standalone process that verifies both the payer and payee before a payment is made. A standardized SaaS solution enabling Payment Service Providers (PSPs) to verify beneficiary name or identifier against IBAN/account details in real-time or batch mode to prevent misdirected payments and ensure regulatory compliance.
Overview
Verification of Payee (VoP) is a regulatory-driven service aligned with Instant Payments Regulation (IPR) and Payment Services Regulation (PSR), requiring PSPs to validate beneficiary details prior to payment execution. The service enables the payer PSP to verify that the beneficiary name or identifier corresponds to the IBAN/account number by communicating with the responding PSP and returning match results (Match / Close Match / No Match / Verification not possible).
Tieto VoP is delivered as a standardized SaaS platform supporting both real-time API-based flows and batch processing. It includes routing, verification, advanced name matching, audit logging, and directory services. The solution can be deployed as a full Routing & Verification Mechanism (RVM) or as independent modules, allowing flexible adoption based on bank needs and existing architecture.
Core capabilities include configurable name matching logic using multiple algorithms, account lookup through API or shadow ledger, bulk processing options, and integration with multiple schemes and directories. The service is designed for regulated financial environments with GDPR-aligned data processing, where Tieto acts as a data processor under strict governance and security controls.
Deployment is delivered as a multi-tenant SaaS platform hosted in AWS with high availability, scalability, and resilience through multi-zone architecture.
Highlights
- Real-time and batch Verification of Pay service with standardized APIs and file-based interfaces supporting Match, Close Match, No Match, and Verification not possible outcomes.
- Advanced configurable name matching engine leveraging multiple algorithms (e.g., Levenshtein, Jaro-Winkler, Cosine similarity, phonetic matching) with support for multilingual and Nordic datasets.
- Flexible delivery model including full RVM SaaS platform or modular components (routing, matching, directory, shadow ledger) enabling incremental adoption by banks.
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Pricing
Pricing is based on the duration and terms of your contract with the vendor. This entitles you to a specified quantity of use for the contract duration. If you choose not to renew or replace your contract before it ends, access to these entitlements will expire.
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Dimension | Description | Cost/36 months |
|---|---|---|
VoP Software as a Service | All orders are private, please contact us for more details. The price in this listing is a show case only and is NOT the cost to buy the Service itself. | $0.001 |
Dimensions summary
This listing offers one pricing option: VoP Software as a Service, billed by Units. It runs as a contract-based purchase rather than a fixed public rate. All orders are private, so the price shown in the listing is a sample only and does not reflect the actual cost. To buy the service, you contact the vendor to arrange terms. Pricing is set per engagement based on your Unit needs. There are no separate tiers or add-on dimensions to compare here.
Top-of-mind questions for buyers
Verification of Payee confirms that a payee's name matches their account details before a payment is sent. It helps prevent fraud and misdirected payments. The service bills by Units, but the listing does not define what one Unit maps to. Contact the vendor to confirm how Units are counted for your usage.
This is a contract-based purchase. All orders are private, so terms are set per engagement rather than at a fixed public rate. The price shown in the listing is a sample only and is not the actual cost. You contact the vendor to arrange pricing based on your Unit needs.
Pricing scales with Units, so your cost tracks your verification volume. The listing does not publish thresholds, included amounts, or overage rules. Because all orders are private, the vendor sets how Units and volume map to your contract. Contact the vendor to confirm scaling terms for your expected usage.
www.tieto.com
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Delivery details
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