By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Viral Trending contentViral Trending content
  • Home
  • World News
  • Politics
  • Sports
  • Celebrity
  • Business
  • Crypto
  • Gaming News
  • Tech News
  • Travel
Reading: SumUp strengthens security for merchants, as “Verification of Payee” comes into effect
Notification Show More
Viral Trending contentViral Trending content
  • Home
  • Categories
    • World News
    • Politics
    • Sports
    • Celebrity
    • Business
    • Crypto
    • Tech News
    • Gaming News
    • Travel
  • Bookmarks
© 2024 All Rights reserved | Powered by Viraltrendingcontent
Viral Trending content > Blog > Tech News > SumUp strengthens security for merchants, as “Verification of Payee” comes into effect
Tech News

SumUp strengthens security for merchants, as “Verification of Payee” comes into effect

By Viral Trending Content 3 Min Read
Share
SHARE

SumUp launches Bookings

Starting today, as part of the new SEPA Instant Payments Regulation coming into force, all banks and payment providers must now introduce Verification of Payee (VoP). This new requirement is designed to increase trust and security in euro transfers by checking that the account number (IBAN) and the beneficiary’s name match before a payment is sent. The global fintech company SumUp will also roll out this industry scheme to the more than one million merchants who use its business account across Europe, making their payments even more secure.

“For small businesses, even the smallest mistake when making a payment can cause disruption. Verification of Payee gives an added layer of trust by ensuring money goes to the right account. At SumUp, protecting our merchants goes hand in hand with empowering them – it’s not just about sending or receiving money, but making sure every transaction is secure, transparent, and reliable.” explains Antoniya Ditsova, Product Lead – Global Banking at SumUp.

The integration of VoP is part of SumUp’s broader strategy to strengthen trust in digital payments in Europe. The fintech already deploys advanced authentication technologies, including multi-factor authentication (MFA), verification of card authenticity (for lost or stolen cards), behavioural detection, and automatic blocking of suspicious activities, which this new requirement complements. Therefore, ensuring regulatory compliance while offering proactive protection to merchants and their customers, consolidates SumUp’s position as a reliable and innovative payment partner in its European markets.

The payer’s bank will perform a real-time verification, which has four possible responses:

Exact Match: The account name provided matches perfectly with the IBAN on record.

Close Match: The name looks very similar – there may just be a small typo or spelling difference.

No Match: The name doesn’t match the IBAN provided.

Unable to Check: The check could not be completed – if the service is down, the recipient’s bank isn’t yet part of the scheme, or there’s a temporary technical issue.

“While VoP is not a complete solution to every payment security challenge, it represents an important step forward. By ensuring that money reaches the intended recipient, companies can avoid fraud and major cash flow disruptions. In Ireland, 74% of companies have experienced cybercrime, with fraud offences up 73% in the past 6 months, according to provisional figures from An Garda Síochána. In today’s climate of political and economic uncertainty, the regulation helps safeguard business transactions over the long term,” adds Antoniya Ditsova.

See more stories here.

You Might Also Like

Lenovo Yoga Pro 9i 16 Review: A True MacBook Pro Rival?

Mastercard and Coinbase compete to acquire stablecoin firm BVNK

Intel Pro B50 GPU Review: Affordable Performance for Professionals

Apple iPhone 17 Pro Max Review: Debatable Design, Undeniable Performance

Hackers Turn Velociraptor DFIR Tool Into Weapon in LockBit Ransomware Attacks

TAGGED: cool tech, latest technology, latest technology news, new technology, science and technology, tech, Tech News, tech review, technews, technological advances, technology definition, technology reviews, what is technology
Share This Article
Facebook Twitter Copy Link
Previous Article White House slams Nobel committee’s decision not to award 2025 Peace Prize to Trump
Next Article South Korea To Confiscate Crypto Cold Wallets If Taxes Aren’t Paid
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

- Advertisement -
Ad image

Latest News

Satoshi’s $100B+ dormant Bitcoin stash: What happens if it finally moves
Crypto
Lenovo Yoga Pro 9i 16 Review: A True MacBook Pro Rival?
Tech News
Can veteran QB Joe Flacco help save the Cincinnati Bengals’ 2025 season?
Sports
Diane Keaton’s Life in Photos: The ‘Annie Hall’ Actress Through the Years
Celebrity
Is a £500,000 SIPP enough for a comfortable retirement?
Business
Trump directs Pentagon to 'use all available funds' to pay troops during shutdown
World News
Trump’s dealmaking diplomacy grows fragile as China fires back
Business

About Us

Welcome to Viraltrendingcontent, your go-to source for the latest updates on world news, politics, sports, celebrity, tech, travel, gaming, crypto news, and business news. We are dedicated to providing you with accurate, timely, and engaging content from around the globe.

Quick Links

  • Home
  • World News
  • Politics
  • Celebrity
  • Business
  • Home
  • World News
  • Politics
  • Sports
  • Celebrity
  • Business
  • Crypto
  • Gaming News
  • Tech News
  • Travel
  • Sports
  • Crypto
  • Tech News
  • Gaming News
  • Travel

Trending News

cageside seats

Unlocking the Ultimate WWE Experience: Cageside Seats News 2024

Satoshi’s $100B+ dormant Bitcoin stash: What happens if it finally moves

Investing £5 a day could help me build a second income of £329 a month!

cageside seats
Unlocking the Ultimate WWE Experience: Cageside Seats News 2024
May 22, 2024
Satoshi’s $100B+ dormant Bitcoin stash: What happens if it finally moves
October 12, 2025
Investing £5 a day could help me build a second income of £329 a month!
March 27, 2024
Brussels unveils plans for a European Degree but struggles to explain why
March 27, 2024
© 2024 All Rights reserved | Powered by Vraltrendingcontent
  • About Us
  • Contact US
  • Disclaimer
  • Privacy Policy
  • Terms of Service
Welcome Back!

Sign in to your account

Lost your password?