IFX Payments Joins Forces with Form3 for Verification of Payee Solution

IFX Payments has partnered with Form3 to implement its Verification of Payee (VoP) solution, preparing ahead of the upcoming Instant Payments Regulation mandate.

The collaboration aims to enable IFX Payments to utilize Form3’s VoP technology, specifically for SEPA accounts. This initiative is designed to strengthen fraud prevention measures and ensure compliance with regulatory standards.

IFX Payments will now be able to verify payee information prior to executing transactions, which is a critical step before the VoP scheme comes into effect in October 2025 as per guidelines from The European Payments Council. Both companies are committed to continuing their efforts to meet client needs and industry demands while ensuring compliance with relevant laws.

Details of the Partnership

According to an official press release, the VoP scheme is designed to mitigate fraud and payment errors by cross-referencing payee names against records held by Payment Service Providers (PSPs). This verification occurs before funds are transferred, adding an extra layer of security.

Form3’s solution is expected to help IFX Payments comply with the Instant Payments Regulation for SEPA Credit Transfer and SEPA Instant Payments. This will enhance protection against authorised push payment fraud and other errors.

The Form3 Verification of Payee service relies on a single API, designed to integrate seamlessly into existing systems. This makes it easier for clients to meet regulatory requirements while driving growth and improving the customer experience.

Form3’s fully managed service ensures compliance with regulations such as IPR (Intellectual Property Rights) and PSD3 (Payment Services Directive 3). The company will also provide continuous updates without disrupting services, ensuring ongoing alignment with changing regulatory landscapes.