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.
Details
New
Introducing multi-product solutions
You can now purchase comprehensive solutions tailored to use cases and industries.
Features and programs
Financing for AWS Marketplace purchases
AWS Marketplace now accepts line of credit payments through the PNC Vendor Finance program. This program is available to select AWS customers in the US, excluding NV, NC, ND, TN, & VT.
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.
Additional AWS infrastructure costs may apply. Use the AWS Pricing Calculator to estimate your infrastructure costs.
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 |
Vendor refund policy
By default we don't have a refund policy.
Custom pricing options
Request a private offer to receive a custom quote.
Legal
Vendor terms and conditions
Upon subscribing to this product, you must acknowledge and agree to the terms and conditions outlined in the vendor's End User License Agreement (EULA) .
Content disclaimer
Vendors are responsible for their product descriptions and other product content. AWS does not warrant that vendors' product descriptions or other product content are accurate, complete, reliable, current, or error-free.
Delivery details
Software as a Service (SaaS)
SaaS delivers cloud-based software applications directly to customers over the internet. You can access these applications through a subscription model. You will pay recurring monthly usage fees through your AWS bill, while AWS handles deployment and infrastructure management, ensuring scalability, reliability, and seamless integration with other AWS services.
Support
Vendor support
AWS infrastructure support
AWS Support is a one-on-one, fast-response support channel that is staffed 24x7x365 with experienced and technical support engineers. The service helps customers of all sizes and technical abilities to successfully utilize the products and features provided by Amazon Web Services.
Similar products
Modern composable account to account payments solution offering available as a full managed service. Options include: ISO20022 native payments: Cross border Payments; Instant Payments; Domestic Payments; Request to Pay; Verification of Payee; Initiation; Processing; Messaging.
![Robota [Private Offer Only]](https://d7umqicpi7263.cloudfront.net/img/product/33da75c7-3e38-4d0c-b1d9-34b7815e64f9.com/e8a3516407bd69036e97f7c4ccdb269f)
Instantly Digitize Paper Invoices and Receipts with a Customizable AI Accounting Engine
Highly accurate AI-powered, name matching technology that easily integrates into screening for financial compliance, onboarding and security systems via an Amazon OpenSearch plugin. Users report up to 90% reduction of false positives.
Highly accurate AI-powered, name matching technology that easily integrates into screening for financial compliance, onboarding and security systems via an Elasticsearch plugin. Users report up to 90% reduction of false positives.
Customer reviews
No customer reviews yet
Be the first to review this product . We've partnered with PeerSpot to gather customer feedback. You can share your experience by writing or recording a review, or scheduling a call with a PeerSpot analyst.