UK fintech company tell.money endorses Andaria's EU-wide implementation of Verification of Payee feature
News Article: Andaria and tell.money Partner to Support Verification of Payee (VoP) Rollout Across Europe
Andaria, a UK and EU-licensed fintech company, has partnered with tell.money to support the rollout of Verification of Payee (VoP) across Europe. This collaboration comes as the Verification of Payee (VoP) requirement is set to become mandatory from 9–10 October 2025 for all SEPA credit transfers, including instant payments, within the EU/EEA euro-area countries.
VoP works by checking that the payee’s name corresponds with the IBAN before payment authorization, helping to prevent fraud such as Authorized Push Payment fraud and reducing misdirected payments due to errors in beneficiary details. The payer gets a response with statuses like Match, Close Match, No Match, or Unavailable, and can then decide whether to proceed with or cancel the payment.
This partnership between Andaria and tell.money enables a compliant and future-ready approach to payee verification across the UK and EU. Andaria's experience delivering Confirmation of Payee (CoP) at scale in the UK positions the business to take early, decisive action in preparing for VoP's introduction across the EU.
tell.money's platform enables fintechs and EMIs to deliver payee verification with minimal integration complexity. The company's commitment to proactive fraud prevention and regulatory alignment is evident in this latest collaboration. David Monty, the chief executive officer of tell.money, expressed pride in supporting Andaria with the infrastructure and expertise needed to deliver secure, compliant payee verification at scale.
Kevin McAdam, the chief executive officer UK of Andaria, stated that the company has seen the clear benefits of CoP for both customers and institutions. He emphasized that this partnership with tell.money demonstrates Andaria's commitment to building a more secure, transparent, and trusted payments ecosystem.
Tell.money's platform is built to support PSD2, CoP, and VOP, making it an ideal partner for Andaria as they navigate the changing landscape of European payments. This latest collaboration between the two companies reflects a shared commitment to creating a more secure and reliable payments ecosystem for all.
In summary, the mandatory VoP rollout across Europe is set to significantly increase payment security, reduce fraud risks, and enhance consumer trust across the SEPA payment ecosystem. Andaria and tell.money's partnership is a significant step towards ensuring compliance and readiness for this regulation, positioning both companies at the forefront of the European payments industry.
[1] European Central Bank. (2022). Instant Payments Regulation. Retrieved from https://www.ecb.europa.eu/paym/instant/html/index.en.html [2] European Payments Council. (2022). SEPA Instant Credit Transfer Scheme Rulebook. Retrieved from https://www.europeanpaymentscouncil.eu/sepa-instant-credit-transfer-scheme-rulebook/ [3] European Payments Council. (2022). Confirmation of Payee. Retrieved from https://www.europeanpaymentscouncil.eu/confirmation-of-payee/ [4] European Payments Council. (2022). Verification of Payee. Retrieved from https://www.europeanpaymentscouncil.eu/verification-of-payee/ [5] European Central Bank. (2022). Instant Payments in the EU: Achievements, Benefits and Challenges. Retrieved from https://www.ecb.europa.eu/pub/pdf/other/instantpaymentsineuachievementsbenefitsandchallenges202205en.pdf
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