EU - Verification of Payee (VoP)

Summary:

As of October 25, the European Instant Payments Regulation is coming into force. One of the components of this regulation is the so-called Verification of Payee (VoP) which requires verifying the accuracy of the match between the beneficiary's name and their account number (IBAN).

There are third-party providers on the market that offer data validation services via API, and some banks also provide this type of service.

Based on the above, from an ERP perspective, is there any functionality available to perform an online verification of the supplier’s IBAN and account holder at the time of registration using an API?