Upcoming European regulations, effective in October, will enhance payment security by mandating that the payer’s name must match the recipient’s bank account name, introducing a new Verification of Payee (VoP) requirement. Financial institutions must categorize name matches as exact, partial, or no match. While partial matches can improve user experience, they raise privacy concerns under GDPR. To tackle these challenges, iPiD has partnered with Microsoft Azure OpenAI Service to create an advanced name matching algorithm that ensures compliance, speeds up payment processing, and reduces false negatives. iPiD’s CTO highlights the algorithm’s ability to understand the nuances of names.