IFX Payments and Form3 Join Forces for Enhanced Fraud Prevention

Recently, IFX Payments has partnered with Form3 to integrate its Verification of Payee (VoP) solution. This strategic alliance is geared towards enhancing security measures against payment fraud ahead of the deadline set by the Instant Payments Regulation mandate.

The collaboration between these two entities aims to enable IFX Payments to use Form3’s VoP technology for SEPA accounts, thereby strengthening its ability to prevent unauthorized transactions. By verifying payees before executing payments, IFX Payments can ensure that funds are transferred accurately and securely.

This initiative aligns with the upcoming Verification of Payee scheme scheduled to go live in October 2025, as implemented by The European Payments Council. Both companies will continue to adapt their services to meet evolving client needs while staying ahead of regulatory changes.

Details of the Partnership

The VoP scheme, developed by Form3, serves to verify that payee names match PSP records for given IBANs before transactions are processed. This additional verification step reduces the risk of fraud and payment errors. By leveraging this solution, IFX Payments is expected to stay compliant with Instant Payments Regulation requirements for SEPA Credit Transfers and Instant Payments.

Form3’s single API integrates seamlessly into existing systems, enabling clients like IFX Payments to meet regulatory standards while focusing on growth. Additionally, the fully managed service provided by Form3 ensures ongoing compliance with regulations such as IPR and PSD3. Regular updates are also provided without disrupting services.