Movitz Payments and Open Payments are partnering to bring payee verification into payments initiated from ERPs, accounting systems, and other third-party applications - not just from online banking.
Payment fraud remains a growing concern across Europe. As more payments are initiated from ERPs, accounting platforms, and treasury systems rather than a bank's own portal, these external systems are effectively becoming payment channels in their own right and verification needs to reach them, without adding friction to existing workflows.
The partnership combines Open Payments' open banking payment initiation platform with Movitz Payments' payee verification services, letting businesses and software providers validate the intended recipient before a payment leaves the account regardless of which system initiated it. That makes payment security part of the payment process itself, rather than a separate manual check.
“Business payments are increasingly initiated from the systems where companies already manage their invoices, suppliers, and cash flow. That creates huge efficiency gains, but it also means fraud prevention needs to move closer to the point where the payment is created. Together with Open Payments, we can help make those payment flows safer without making them more complicated,” says Magnus Hedenberg, CEO and co-founder of Movitz Payments.
Open Payments connects businesses and software providers to multiple banks through one unified API, enabling payment initiation and financial data access inside ERPs, accounting, invoicing, and other business-critical systems.
“Security has always been a fundamental part of how we enable open banking payments. As payment flows become faster and more integrated, we continue to strengthen that foundation. By partnering with Movitz Payments, we’re adding enhanced payee verification to the payment journey, providing an additional layer of security for our customers,” says Rasmus Brenter, CPO and dCEO at Open Payments.
For ERP providers, accounting platforms, and other software companies, the partnership means stronger payment security without building and maintaining separate integrations to multiple verification schemes. For businesses, it means the systems they already use to pay can now do so with an added layer of protection against fraud and mistakes.