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.
0
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.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
42 minutes ago
- Finextra
Mobey Forum 25 years: By Bo Harald
What was the original vision for Mobey Forum, and how has it evolved over time? Driving paradigm shifts: E-banking – the fundamental paradigm shift – started for our part in 1982 New ways of interconnecting customers – not only with payments, trade finance, treasury and capital markets services – but also with e-identification, e-signatures, e-invoicing and e-salary was the next good-for-society-at-large paradigm shift. Taking all traditional banking services and especially the ambition to take the new interconnecting customers to always- there mobiles was the third paradigm shift. Now – when all corporate and private customers (and their AI-agents) will be able to exchange verified data with EUDI-interoperable wallets - the next paradigm change for banking - will happen. Verifiable data from ID-wallets to safely employ and empower wallet-carrying AI-agents will be the next paradigm shift. What role do you think Mobey plays in shaping the (future of) financial services? Very clear: Make sure that banks see to it that all their customers will get the data the need for their business and life events to interoperable identity building wallets. Make sure that banks can lower risks and costs by helping customers to supply the needed Make banks central in the creation of a global Trust Infrastructure (together with Trust over IP, EU and the Open Wallet Foundation) If you were to explain Mobey's relevance today to a new banking innovator, what would you say? The all-important action is to join the wallet-work for customer value, automation and risk management 3.0 and now also making it safe and easy to use verifiable data for employing organisational and private ID-wallet carrying AI-agents (the LLM-initiated fifth paradigm shift). Be ready for the dynamic ID-wallet&AI-agent duo..
Finextra
42 minutes ago
- Finextra
Begin with the End in Mind. Crystallised.: By Bo Harald
This particular End is a Trust Infrastructure where: All citizens can download – and most have - at least one general purpose identity building wallet free of charge in all EU Member states. All public sectors and progressive enterprises have installed organisation wallets and use (only) these to send and receive a wide range of verifiable data to and from each others and citizens and to sign documents. Most enterprises and a many citizens have used their wallets also for employing and empowering ID-wallet carrying AI-agents. Mission completed… But what should I do today ? As an employee in the public sector you will see to it that: a suitable organisation wallet is taken in use from the market without delay, all organisations, citizens and AI-agents are told that wallets will become the sole interfacefor exchanging verfied credentials, that new issuing and verification processes are in place and integration of chosen wallet to own data storage have started If you work in an enterprise you will see to it that: your organisation and business association understands the big improvements in productivity, customer value, security and risk management the organisation wallets will enable, a suitable organisation wallet is taken in use from the market witout delay all suppliers, customers, staff and public sector units are told that wallets will become your sole interface for exchanging verifiablecredentials, that only verifiably identified AI-agents with verifiable tasks will be dealt with As a citizen you will:
Daily Mail
3 hours ago
- Daily Mail
ALEX BRUMMER: If this is a fixed economy, I'd hate to see a broken one
Nearly half a century has passed since Margaret Thatcher skewered the incumbent PM James Callaghan at the 1979 election with her famous ' Labour Isn't Working' poster, which showed dole queues stretching across the horizon. We are not quite there yet. But after years of low unemployment in Britain, Rachel Reeves and Sir Keir Starmer have brought chaos – in just 11 months – to what was one of the strongest labour markets in Europe. Last October's Budget and its central and perhaps most hated policy – an increase in employers' National Insurance to 15 per cent – added no less than £23 billion to bosses' wage bills. And for all this Government's promise not to raise taxes on 'working people', it's now clear that this misguided and self-defeating pledge is having a vicious impact on jobs. Companies are proving reluctant to take on new workers, are deliberately not replacing colleagues who move on and are taking the opportunity to cut costs by making people redundant. The only silver lining is slowing wage increases, at least in the private sector, should make it possible for the Bank of England to lower interest rates by a further 0.25 per cent this summer to 4 per cent – making mortgages and borrowing cheaper. The public sector is another matter, of course, and has enjoyed lavish raises at the expense of the productive part of the economy – to say nothing of its far more generous gold-plated pensions, paid out of direct taxation. But overall the picture is dire. The National Insurance increase, along with a hugely generous rise in the minimum wage – now one of the highest on the planet – surging fuel costs and rising business rates, have shattered business confidence. Companies are shedding jobs at an alarming rate. Figures collected by HMRC show that 55,000 jobs were lost in April alone and numbers 'were notably weaker' than expected, according to bankers Goldman Sachs. Vacancies are tumbling, too – these stood at 736,000 in the three months to April, down from 760,000 in the previous period, and were at 1.4 million as recently as 2022. The unemployment rate, which was 3.6 per cent of the workforce prior to the pandemic, has now zipped up to 4.6 per cent. And the worst part? There's more to come. Businesses are steeling themselves for socialist firebrand Angela Rayner's beloved Employment Rights Bill, currently grinding its way through Parliament, which will make hiring new workers even more expensive. To peals of outrage (and a front-page Daily Mail headline: 'Deluded'), this week Sir Keir claimed to have 'fixed' our public finances, thus making possible his Government's U-turn on snatching the winter fuel allowance from millions of pensioners. Well, if this is what 'fixed' looks like, Sir Keir, I'd hate to see the economy 'broken'. Rising unemployment is a menace. It inevitably raises the cost of Britain's already gargantuan welfare bill – and it simultaneously reduces Government revenues due to lower income tax and National Insurance receipts. In 1979, unemployment stood at 5.3 per cent – and, despite the Iron Lady's famous poster, it rose to a staggering 11.9 per cent by 1984 on her watch. We are a long way from those days. Yet as I have said before, Ms Reeves – with last year's £40 billion tax-raising Budget, locked Britain into a doom loop of plummeting business confidence, rising unemployment and reduced job choices. Yesterday's multi-year public-spending review will splash the cash on investments in nuclear power, science and technology, roads and railways. As helpful as all that may be, it will mean more Government borrowing and debt that will take years to pay off. Expect unemployment to keep on rising until the Government changes course.
