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 comprehensive and timely communications to customers through appropriate channels, clearly explaining the upcoming changes and their implications.
Suggested Content for VOP Service Communication
- General Information Section
- Service overview, Regulatory Background, Implementation Timeline & Service Scope
- Bank/PSP Specific Content
- Specific implementation approach, Existing payment processes, User interfaces and customer experience, Brand voice and visual identity
- Customer Impact Assessment
- Account and Transaction Process Changes, Service Adjustments, Required Customer actions
- Payer/Sender Guidance
- What customer needs to know as a payer about expected inputs and interpreting responses
- Payee/Receiver Guidance
- Ensure their account information is properly registered, communicate their correct details to payers, address any verification issues that might delay incoming payments
- Institutional Commitment
- Support Information
Medium of Communication to consider
- Emails & Physical Mails
- App Notifications, Banners & Secure messages within online channels
- Dedicated webpage on the website
- Poster and leaflets at Branches and ATMs
- QR codes on ATM receipts, challans & acknowledgements
- Social Media Updates
- Call centre prepared scripts and FAQs, Customer service chatbot updates
Timing and Frequency of Communication
- Initial Notice: 60-90 days before implementation
- Detailed Information: 45 days before implementation
- Reminders: 30, 15, and 7 days before implementation
- Final Reminder: 48 hours before implementation
- Confirmation Notice: Within 24 hours after implementation
- Follow-up: 7-14 days after implementation to address questions
Implementation Approaches
Segmented Communication
- Tailor messages based on customer segments affected
- Adjust language complexity for different customer bases
- Prioritize high-impact customers for personalized outreach
Accessibility Considerations
- Provide information in multiple languages for a diverse customer base
- Ensure communications meet accessibility standards
- Offer alternative formats (large print, audio) upon request
Measurement & Feedback
- Track open rates and click-through rates for digital communications
- Monitor customer service inquiry volume related to the change
- Collect customer feedback on clarity and helpfulness of communications
- Adjust subsequent messages based on feedback and engagement metrics
Let us Connect!
Get in touch with Banfico for more information on VOP or register for one of our breakfast events across Europe this March by using the link below.
Banfico periodically sends newsletters on various topics related to EPC Verification of Payee implementation. Visit this page to read the previous newsletters.