The volume and diversity of payments are expanding unprecedentedly, making the need for secure and reliable transactions more essential than ever. Fincom’s advanced Verification of Payee (VoP) solution helps financial institutions significantly reduce the risk of funds being sent to the wrong account, whether due to fraud or simple errors.

The solution leverages Fincom’s innovative Phonetic Fingerprint name-matching technology to validate the beneficiary’s name and account number of incoming transactions against the receiving financial institution’s accounts database. The VoP server performs real-time name-matching checks, at the receiving/responding bank, without disrupting the payment processing flow. Fincom’s VoP server seamlessly integrates with any payments and core banking systems through APIs, enhancing the automation of payment processing workflows.

Fincom’s advanced phonetic fingerprint technology employs 48 algorithms from computational linguistics, advanced mathematics, and phonetics, achieving unprecedented accuracy. This sophisticated name-matching technology effectively handles out-of-order and unstructured names across various transliterations, spelling variations, alphabets, languages, and dialects.

Use cases

• Misdirected Payments Prevention: Fincom’s VoP solution helps financial institutions (FIs) minimize the occurrence of misdirected payments and enhance the efficiency of their payment processing workflows and systems. The VoP server verifies that a transaction payee’s name matches the FI account details, significantly reducing the risk of funds being sent to the wrong account.
  
  
• EU's SEPA Instant Payments Regulation: Fincom’s VoP solution enables FIs to comply with the EU Instant Payments Regulation (Regulation 2024/886), requiring payment service providers to offer a Verification of Payee (VoP) Service for euro credit transfers.
  
  
• Payments Fraud Prevention: Fincom’s VoP solution is a crucial measure in preventing payment fraud by ensuring that funds are directed to the intended recipient. This process involves confirming the identity of the payee before a transaction is completed, which helps mitigate risks associated with impersonation and phishing scams.
  
  

Benefits

• Stop Financial Losses: Avoid misdirected payments costly corrective measures and
  chargebacks
• Enhance Business Efficiency: Reduces the administrative workload associated with
  misdirected payments.
• Reduce Fraud: Prevent fraudsters from tricking companies and individuals into sending money to fraudulent accounts by impersonating legitimate recipients.
• Boost Customer Satisfaction: Ensures funds are safely sent to the correct beneficiary
  account, enhancing customer confidence.
• Improve Operational Efficiency: Automated account checks streamline processing workflows.
• Seamless Integration: Easily integrates with any payment and core banking systems via REST or SOAP APIs.
• Scalability: Efficiently processes high transaction volumes in real-time, with the flexibility
  to expand and support increased loads and diverse payment types.
• Visibility and Control: An intuitive user interface for system settings and reports.

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