The NPC Confirmation of Payee Scheme consists of a Rulebook which focuses on the business process layer and appropriate elements of the logical layer of requests and responses to confirm payment details of the payee, Implementation Guidelines detailing message formats, and finally some API Examples with mapping of data from the ISO XML message format to the API format.
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.
Based on the Scheme, participants will be able to offer new and innovative services. The Scheme will be able to ensure interoperability and move towards open standards which are expected to improve financial integration and act as a catalyst for a richer set of products and services within the Nordics.
Development of the Scheme and Public Consultation
During the development of the Scheme a first version of the Rulebook was presented to the market through a public consultation held between April 25th to August 15th, 2022, giving the market a possibility to comment and give input on the Rulebook. The outcome of that public consultation is presented in the following document:
NPC’s Stakeholder Forum have also made their contribution to the work with Confirmation of Payee Scheme and are welcoming this initiative from a Nordic Market perspective through a position paper: