In line with to NPC’s vision to harmonise payments in the Nordics and its role to support and promote the integration and development of Nordic payments, the NPC has drafted a Confirmation of Payee Scheme for use in the Nordics.
The NPC Confirmation of Payee Rulebook provides a set of rules, practices, and standards to be followed for Confirmation of Payee services. The aim of the Confirmation of Payee Rulebook is to enable confirmation of a payee’s (payment recipient) payment details before initiating a payment. The rulebook will enable the payer to confirm the correctness of the payee’s payment account or payee’s payment account in combination with the payee’s name or identification number. This will contribute to a higher quality and more efficient payment process. It can prevent some part of both misdirected and fraudulent payments as well as reduce the number of rejected and returned payments. In the end, this will contribute to a better customer experience since the payer will be able to ensure the correctness of the payee’s payment details prior to initiating the payment.
All documentation regarding the new scheme is published on this link.