Paysera Selects iPiD as a Strategical Partner for VoP Compliance and for Global Account Verification
The new EU regulation, implemented through the European Payments Council's (EPC) Verification of Payee (VoP) scheme, mandates that financial institutions verify the payee's name and account number (IBAN) before executing payments. The goal of this requirement is to increase payment security and reduce the risk of fraud and errors throughout the SEPA area. The VoP requirements will come into effect for all licensed payment service providers by October 2025.
To meet the VoP requirements, Paysera will deploy the iPiD Node solution within its infrastructure. Beyond compliance, Paysera is going a step further – the company will also utilize iPiD's global account validation solution, thereby not only fulfilling mandatory requirements but also actively enhancing the accuracy and reliability of international transfers.
"By verifying payee details before payments are made, we will not only ensure compliance with EU regulations but also prevent unfortunate human errors where money is sent to the wrong recipient. This step will make transactions safer and more accurate, guaranteeing that money reaches the right person or company on time and without issues," said Marijus Plančiūnas, CEO at Paysera. "The partnership with iPiD will allow us to offer an even higher level of service to our customers."
For iPiD, this partnership marks a strategic expansion into the Baltic and Nordic regions, enabling the company to support leading financial institutions with capabilities extending beyond basic VoP functionalities.
"We are proud to support Paysera’s forward-thinking vision. Their decision to go beyond checkbox compliance and lead with innovation sets the tone for responsible, future-ready payment experiences in the region," said Renata Patiejunaite, Regional Director, Europe at iPiD.
"This partnership with Paysera reflects the growing urgency for financial institutions to adopt future-proof solutions to meet evolving regulatory requirements like VoP. We’re thrilled to work with a fintech that not only meets compliance but embraces it as an opportunity to enhance customer trust and global payment reliability,” said Damien Dugauquier, CEO and Co-founder of iPiD.
Advanced KYP Infrastructure for Paysera Customers
With iPiD Node, Paysera gains access to advanced capabilities including:
Bulk validation for corporate clients
Support for virtual IBANs
Customizable matching logic tailored by market, language, and cultural nuances
Risk scoring and name matching automation
About VoP (Verification of Payee)
The European Payments Council’s (EPC) Verification of Payee (VoP) scheme ensures safer payments across the SEPA area. It is a core part of the EU Instant Payments Regulation, which mandates that all licensed Payment Service Providers executing euro payments in SEPA must comply with VoP by October 2025.
About Paysera
Paysera is an international fintech group with 700 employees and 20 years of experience developing innovative financial solutions. Originally launched as an e-commerce payment platform, Paysera has evolved into a full-spectrum financial services provider. As the first licensed electronic money institution in Lithuania, it combines the reliability of banks with the flexibility of fintech and processes €1 billion in e-commerce payments and €10 billion in money transfers annually. The Paysera super app offers a smart, all-in-one financial management platform, enabling users not only to make payments but also to buy gold or invest in real estate projects.
About iPiD
iPiD is a global leader in Know Your Payee (KYP) solutions, specializing in payee verification. Our technology enables financial institutions, payments service providers and corporations to improve payment experiences, reduce errors, protect against fraud and ensure compliance.
For more information, visit www.ipid.tech or contact Adriena Lim, Growth & Brand Director at [email protected].