Banfico

ON 24-Mar-2025, the European Payments Council published the verification of payee scheme adherence process that provides detailed guidelines for participants to join the VOP scheme. The EPC expects a high number of expected adherence requests, and hence, the EPC cannot guarantee to complete the adherence

Banks and Payment Service Providers (PSPs) across 20 Eurozone countries are scheduled to implement the Verification of Payee service for their customers in October 2025. Since this service will directly impact all account holders, an effective change management process is essential. This process must include

VOP is a regulatory requirement that must be complied with by Eurozone PSPs by October 2025. Over the past few months, the clarity on the VOP has improved and several vendors including RVMs have offered VOP solutions. 90% of the scheme participants are expected to

The regulatory requirement related to VOP for Payment Initiation Service Provider (PISP) initiated transactions and its implementation details is something that VOP ecosystem participants must be aware of. Here is the summary of key VOP requirements for PISP-initiated transactions. Regulatory requirements for PISP-initiated transactions For

Regulatory Mandate Article 5c.1 of IPR states: The payer’s PSP shall offer the service ensuring verification regardless of the payment initiation channel used by the payer to place a payment order for the credit transfer. EU regulation defines ‘Payment initiation channel’ as “any method, device

When it comes to VOP, creating a seamless and secure customer experience is a delicate balance between protecting the users from fraud and ensuring a frictionless experience. Banfico has outlined the customer experience principles and essential DOs & DON'Ts that PSPs should consider when updating

Drawing from Banfico's extensive implementation experience of Confirmation of Payee (CoP) and Verification of Payee (VOP) account verification services across multiple markets, we present ten essential best practices for VOP participants. 1. EPC Communications Management Effective scheme operator (EPC) communication tracking requires: Regular monitoring of

Released in October 2024, the EPC API Security Framework (EPC164-22) version 2.0 defines standardized API security requirements across multiple EPC schemes, including the VOP scheme. EPC has reused the PSD2 authentication mechanism using eIDAS/ QWAC PSD2 certificates. EPC expects this approach is best suited to

The European Payments Council (EPC) has recently released critical information regarding the mandatory participation in the EPC Verification of Payee (VOP) scheme, funding the Directory Service (EDS), VOP scheme fees, and actions needed from EPC payment scheme participants in this regard. Here's what the PSPs