Payment Service Providers (PSPs) face numerous challenges when it comes to ensuring the accuracy and compliance of their Verification of Payee (VOP) systems. From meeting regulatory requirements and scheme standards to system performance optimization, PSPs need reliable solutions that can adapt to their evolving needs. VOP Verify is designed to provide PSPs with the tools they need to evaluate and optimize their VOP environments across a range of critical business scenarios. Below, we explore how VOP Verify can be used to address key challenges, from system assurance to vendor selection, ensuring your VOP environment operates with accuracy, transparency, and compliance.
Here are four ways that you could use VOP Verify in your business.
1. System Assurance
Challenge
PSPs require independent validation to ensure that their Verification of Payee (VOP) environments and matching engines operate as expected. They also need evidence that these systems comply with current standards, including the European Payments Council (EPC) matching recommendations.
Solution
VOP Verify provides an independent, third-party evaluation that validates whether your VOP system meets industry standards. This testing must be conducted by teams that are not involved in the development and deployment process to ensure impartiality. VOP Verify’s comprehensive scope includes no match, match, and close match scenarios to give PSPs the assurance they need.
2. Vendor Selection
Challenge
When deciding whether to build or buy their VOP environments, PSPs must base their decisions on objective facts. Vendor claims regarding matching engine performance need to be thoroughly verified because PSPs ultimately bear the risk and liability of VOP matching performance, especially in cases of fraud.
Solution
VOP Verify empowers PSPs with the data they need to make informed decisions when selecting vendors. By independently validating vendor claims, PSPs can confirm whether a solution aligns with their business risk appetite, rather than simply accepting a vendor’s default configuration. VOP Verify’s evidence-based approach supports PSPs in mitigating potential risks and making vendor choices with confidence.
3. Match Optimisation
Challenge
Whether PSPs are developing their own matching engines or tuning the performance of vendor solutions, there is a critical need for independent checks to ensure that adjustments improve performance in the right direction.
Solution
VOP Verify helps PSPs understand and optimize their matching engine performance, ensuring it aligns with EPC matching recommendations and that behaviour remains consistent and predictable. As matching optimization is an iterative process, VOP Verify enables thorough validation across a comprehensive set of scenarios using realistic or custom account data. This ensures that each tuning adjustment delivers the desired outcomes. Once the matching engine is fully developed, VOP Verify can also validate the entire VOP environment.
4. Configuration Management
Challenge
Successful VOP matching depends on multiple factors, some controllable, such as account data structure, data formats, and configuration parameters. Others, such as errors introduced by customers or the format of VoP requests, are less controllable. With each software update or configuration change, PSPs need to verify that their matching performance remains intact.
Solution
VOP Verify provides essential validation each time there are system updates or configuration changes. This not only allows business teams to confidently approve technology changes but also gives technology teams a formal process to avoid mistakes or mismatches that could lead to fraud liabilities. With VOP Verify, PSPs gain full visibility into their system’s performance and can sign off on changes with confidence.
Summary
Whatever your use case, VOP Verify offers a comprehensive solution for evaluating and optimizing the performance of your Verification of Payee environment and matching engine. By providing transparency and actionable insights, it ensures that both business and technical teams are equipped with the information they need. With VOP Verify, your Verification of Payee engine’s performance aligns with your business’s risk appetite, while also demonstrating compliance with EPC matching recommendations and industry best practices.
To learn more read our 3 simple steps guide on how to validate your Verification of Payee environment with VOP Verify.
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If you have questions, need a demo, or want to discuss how VOP Verify can help you, we’re here to help.