VOP Requester API for Banks
This section describes version 1 of the VOP Gateway API for Banks which is used by EU/Non EU banks or other PSP's in the payments journey as a pre-payment beneficiary name validation and to comply with all requirements set forth by the EPC Rulebook as part of the Instant Payments Regulation.
About version 1 of the VOP Requester API for Banks
The SurePay VOP Requester API provides instant feedback at a pre-payment stage on the correctness of entered beneficiary details when making an online payment. This helps to prevent fraud and mistakes and enables trust and confidence while making payments.
Overview
What's new?
Version 1 of the VOP Requester API introduces several new use cases as outlined in the EPC VOP Rulebook and API specifications:
- Organisation ID verification: Checking against an organisation ID (e.g. VAT or LEI number) is introduced.
- Additional information about the account number: Additional information can be included with the account number, enabling the responding Payment Service Provider (PSP) to accurately determine the correct account holder for matching.
- BIC routing: The Bank Identifier Code (BIC) of the responding PSP as well as the requesting PSP is added. This ensures, correct routing through the EDS and correct identification of both parties as well as enhancing the overall security and reliability of the process.
- Alignment with ISO 20022: The API is based on the ISO 20022 standard, ensuring consistency with the specifications as published by the EPC.
How does it work?
The SurePay EPC Verification of Payee API consists of an intelligent algorithm that can be easily integrated into the bank's online environment through the API described in this document. The flow of a check request goes as follow:
- Banks send a request containing the name and account number that the user entered in their online banking application.
- The algorithm verifies these details against the available data on the payee account and sends the bank the matching results in the response.
- In case of a no-match, the online banking application can show a warning message to the payer, upon which they can abort the payment, protecting them against mistakes and possible fraud.
- In the call exchange between the bank and SurePay, SurePay will include information about the status of the IBAN and the result of the name matching.
It is up to the bank how best to implement the check in its online banking application, what the UX will look like, and what messages to show customers.
Surepay also offers additional services on top of our EPC Verification of Payee API:
- Fraud Risk Indicator: Fraud Risk Indicator (FRI) is a solution on top of EPC Verification of Payee which provides additional data points; risk indicators that will help the bank to determine whether there’s an increased risk or a decreased risk of fraud.
- Switching Information: Enables Banks to perform an additional check on the IBAN entered by the user to see if the payee has switched banks. Access needs to be requested separately and induce additional costs.
We wish you a smooth implementation! We always look to improve the implementation experience of our customers, so if you have any questions or feedback on the documentation or the process, please let us know at info@surepay.nl.
A visual representation of how the Verification of Payee check works