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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 PISP-initiated transactions - Where PISP

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 or procedure through which payers

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 their customer channels. These guidelines

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 EPC portal updates Subscription to

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 improve the interoperability across the

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 participating in EPC payment schemes

Hence, Banfico is excited to announce our Verification of Payee breakfast events across Europe in February and March 2025. We will explore several important VOP related topics and involve the expertise of local and regional industry experts. Join us at the locations below to have all your questions about VOP

Europe's payment landscape is entering a new era with the introduction of  Instant Payments Regulation (IPR) and Verification of Payee (VOP) requirements. This initiative spans from early 2024 through 2027, establishing a unified approach to payee verification across the SEPA region. Here is a chronological timeline of important developments and upcoming deadlines for

Banfico Knowledge Series on EPC Verification of Payee is an initiative where we share market updates and insights into specific areas related to EPC Verification of Payee (VOP) that are relevant to all market participants including banks, PSPs, RVMs and corporates. 1. Channel Integration - Key Challenge in VOP Implementation

Name matching is an important component of the European Payments Council (EPC) Verification of Payee (VOP) scheme, validating payee information before the payments are processed. Its accuracy directly impacts PSP’s fraud liability, customer experience, regulatory compliance, and market reputation, making it a strategic priority for payment operations EPC VOP name-matching