Pelican VOP (Verification of Payee) emerges as a cutting-edge solution designed to address the critical concerns of security and accuracy of payment transactions. By verifying the payee's name associated with the account before a transaction is committed, Pelican VOP adds an extra layer of protection against fraud and misdirected payments, safeguarding both financial institutions and their customers. Pelican VOP offers banks the facility to request verification of the payee information from their own banks. Pelican VOP also services incoming VOP requests from other banks by looking up the customer information and performing intelligent name matching and sends back the match results to the requesting banks.

VOP API for Requesting Banks is a comprehensive solution that offers a range of features designed to enhance the payment experience for both banks and their customers.

Pan-European Reach:

Pelican VOP acts as an RVM, providing pan-European coverage based on EPC standards. This ensures that payment requests are routed efficiently and accurately, minimizing delays and errors. Pelican VOP is a versatile solution for banks operating in different countries. This broad reach ensures that VOP can be seamlessly integrated into diverse payment ecosystems.

Integration and Compatibility:

Integration with Banks' Systems: VOP seamlessly integrates with existing banking infrastructure, including back-office systems, CRMs, and ERPs via RESTful APIs. This minimizes disruption to operations and ensures a smooth transition to enhanced payment security.

Compatibility with PSD2: VOP aligns with the Payment Services Directive 2 (PSD2) Account Information Service (AIS), enabling banks to leverage their existing PSD2 AIS offering.

Deployment:

Available as a fully managed SaaS solution or on-premises, allowing banks to prioritize data security and compliance.

Key Components:

Pelican VOP API: This is the core interface through which requesting banks interact with the VOP service. It enables them to send verification requests and receive responses in real time.

VOP Routing & Verification Mechanism (RVM) Engine: This component acts as a central hub, routing VOP requests from requesting banks to the appropriate responding banks and processing responses received from them. It ensures that requests are directed to the correct banks for verification.

Bulk VOP requests - coming soon:

For institutions dealing with high volume of transactions, Pelican VOP supports bulk requests making the verification process more efficient.

https://www.wetransact.io/

Pelican VOP RVM

by Pelican AI-UK