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Some think they can delay introducing Verification of Payee – here are the risks …

As Europe moves towards a new era of instant payments, financial institutions face a critical balancing act: delivering the speed and convenience that customers expect while maintaining robust safeguards against fraud. Verification of Payee (VoP) has emerged as a key component of the European Payments Council's strategy to protect instant account-to-account transactions, helping to ensure that payments reach the intended recipient before funds are transferred. Yet despite clear regulatory deadlines and growing evidence of its effectiveness, some banks and corporate clients remain hesitant to implement VoP. In this article, Magnus Hedenberg, CEO and Founder of Movitz Payments, examines the concerns surrounding VoP adoption and explains why delaying implementation may expose organizations to significant operational, financial, and reputational risks.

Taking the pulse of treasury: the future of corporate cash management

The Tieto Banktech 2024 Cash Management Survey Report, now in its third edition, provides insights into the market trends and challenges facing corporate cash management.

As Verification of Payee deadlines approach, hesitation could generate serious risk

Banks should act now to cut risk and enhance their payment services, as payments go instant, the EU commission has set out an ambitious timetable to introduce Verification of Payee (VoP).

Tieto Banktech Defence Centre: Combating financial fraud together

Criminals now generate more income from financial fraud than from drug trafficking. Learn more about how we are safeguarding your finances from fraud

As European payments shift gear, scale and resilience are essential

"European banks must prepare for a new operating environment in which scale will be essential, and resilience should be at core of the strategy," argues Sathish Padmanathan, Head of Payments and Cash Management, Tieto Banktech.