- Payment technology provider for financial institutions, Numeral, unveiled its fully managed Verification of Payee (VOP) solution this week.
- The new offering will help financial institutions in the European Union meet new VOP requirements months ahead of the regulator’s October 9 deadline.
- Headquartered in France, Numeral made its Finovate debut at FinovateEurope 2023. The company was acquired by fellow Finovate alum Mambu in December.
Numeral, a payment technology provider for financial institutions, launched its fully managed Verification of Payee (VOP) solution this week. The technology will enable banks and other financial institutions to comply with the European Union’s VOP policy by October 9, the deadline set by regulators.
“At Numeral, our mission is to provide financial institutions with a future-proof and compliant payments infrastructure,” Numeral CEO and Co-founder Édouard Mandon said. “Given our fully managed payments hub offering, enabling our customers to comply with VOP aligns perfectly with our commitment to streamline payments infrastructures and operations. Our fully managed approach ensures they become and remain compliant without having to navigate the complexities of scheme adherence and ongoing operations.”
Numeral’s solution arrives as Europe searches for ways to fight payment fraud — especially authorized push payment (APP) fraud — and enhance payment security at a time when instant payments are becoming increasingly popular and available. To this end, new regulations for Verification of Payee (VOP) mandate that payment service providers (PSPs) give payers verification of payee details before making credit transfers.
Numeral’s VOP offering provides a managed approach that deals with all the regulatory and technical requirements involved in sending and responding to VOP requests. The solution supports the payment process from VOP scheme adherence to go-live readiness and enables account data synchronization through SFTP, API, manual upload, as well as real-time API connectivity. Numeral’s VOP technology also leverages a configurable matching algorithm that helps firms balance risk management and a seamless user experience. The company has also produced a publication, The Ultimate Guide to Verification of Payee, to help financial institutions better understand the VOP scheme.
“Account pre-validation and domestic verification solutions are extremely valuable for their intended use cases, but aren’t required to achieve VOP compliance,” Numeral Head of Product Marketing Matthieu Blandineau said. “The European Payments Council’s VOP scheme ensures interoperability across PSPs and countries by default, and our solution helps financial institutions comply with the scheme requirements on time, with minimal resources.”
Headquartered in Paris, France, Numeral made its Finovate debut at FinovateEurope 2023, where it demonstrated its API platform that enhances payment operations by automating bank payment processing. Specifically, Numeral showed how its platform automatically sends, receives, and reconciles SEPA payments and manages payment errors via SEPA R transactions.
Founded in 2021, Numeral was acquired by fellow Finovate alum Mambu in December 2024.