IFX Payments selects Form3 for Verification of Payee
IFX Payments, a service-led alternative banking partner, today announces it will be using Form3's Verification of Payee (VoP) solution for SEPA account, strengthening its defences against payment fraud and aligning with the Instant Payments Regulation mandate.
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Ahead of the Verification of Payee (VoP) scheme going live in October 2025, implemented by The European Payments Council, IFX Payments will now be able to verify payees before payments are executed.
The VoP scheme is designed to reduce fraud and payment errors by verifying that the payee's name matches their PSP's records for the given IBAN. This occurs before the payment is executed, providing additional assurance that the funds are being sent to the correct account holder.
Form3's solution will ensure that IFX Payments is compliant with the Instant Payments Regulation for its SEPA Credit Transfer and SEPA Instant Payments, offering its customers enhanced protection against authorised push payment (APP) fraud and payment errors.
The Form3 VoP solution is underpinned by a single API designed to integrate seamlessly into existing infrastructure, allowing customers to meet regulatory requirements while focusing on growth, to improve the overall customer experience.
The solution has been designed with compliance in mind for customers. Form3's fully managed service delivers compliance with regulations such as IPR and PSD3. A key selling point is that Form3 provides rolling scheme updates - without service interruption.
Today's announcement marks the third Form3 product that IFX Payments has adopted, having previously integrated Confirmation of Payee (CoP) and SEPA Credit Transfer into its customer offering.
Mike Walters, CEO, Form3, says: 'We're proud to be working with IFX Payments, a forward-thinking global organisation at the forefront of FX and payments. Their decision to adopt our VoP solution marks this as the third Form3 product that IFX Payments has signed up to - highlighting the strength of our ongoing partnership and their commitment to growth.'
Rosie McConnell, Product Director, IFX Payments, comments: 'We chose Form3's VoP solution because of its seamless fit with our existing compliance infrastructure. Having a dedicated onboarding team has been invaluable, allowing us to continue focusing on what matters most: delivering a secure, reliable, and fully compliant payment experience for our customers. We're happy to be building on our partnership with Form3.'
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