Open Banking is built on a few standardised capabilities, and the acronyms can obscure how simple the idea is. Verification of Payee makes the most sense when you see it next to its siblings, PIS and AIS — because real payment flows use them together.
PIS — Payment Initiation
Payment Initiation Services let a provider initiate a payment directly from the payer's bank account, with the payer's consent. It's how Open Banking moves money without cards. PIS answers 'make this payment'.
AIS — Account Information
Account Information Services let a provider read account data — balances and transactions — with consent. It powers reconciliation, affordability checks and dashboards. AIS answers 'tell me about this account'.
VoP — Verification of Payee
Verification of Payee checks whether the payee name matches the destination IBAN before a payment is sent. It's the safeguard layer. VoP answers 'does this account belong to who I think?'.
They reinforce each other
Verify the payee (VoP), initiate the payment (PIS), reconcile via account information (AIS). Used together, they make a payment both safe and seamless — which is why a single platform is easier than three vendors.
Where RoxPay fits
RoxPay is a European Open Banking gateway that offers Verification of Payee, PIS and AIS on one platform, alongside basic and detailed IBAN validation. That means you can verify a payee, initiate the payment and reconcile it without stitching separate providers together. Explore the full platform at roxpay.eu.