Overview

Starting in October 2025, payment service providers (PSPs) in the eurozone will be obliged to provide a Verification of Payee (VOP) service to their customers for SEPA Credit Transfers and Instant Credit Transfers.

EBA CLEARING offers a SEPA-wide VOP solution to the PSPs connected to its RT1 and STEP2 Services, which helps PSPs meet the requirements of the Instant Payments Regulation and the VOP Scheme developed by the European Payments Council. The solution can be used as a Routing and Verification Mechanism (RVM) as defined under the EPC scheme. The VOP solution also offers different options on the requesting and responding side to leverage the comprehensive Verification of Payee capabilities of FPAD.

This allows PSPs to adapt their VOP approaches over time, whilst ensuring full pan-European reach from the start. Using the FPAD functionality for VOP also enables PSPs to address risk considerations and limit friction for end users, in addition to fulfilling compliance requirements.

All specifications for VOP are available via the customer portal. EBA CLEARING is supporting RT1 and STEP2 Participants to get ready to onboard Verification of Payee and prepare for regulatory compliance.

Please contact your country representative if you are a participant and want to learn more.

 

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