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 PSPs.
The 3-dimensional view (Regulation, Scheme & Solution)
The VOP journey and its significant milestones are represented from three dimensions: EU Instant Payment Regulation, EPC Verification of Payee Scheme & VOP Implementation using providers like Banfico.
A. IPR Timeline
The journey began in March 2024 –
Instant Payments Regulation on 3 Mar 2024:
The Instant Payments Regulation (IPR) (EU) 2024/886 proposed by the European Commission on 26 October 2022 was adopted by the European Parliament and the Council on 13 March 2024.
EU Official Journal Publication on 19 Mar 2024:
The IPR was published in the Official Journal of the European Union on 19 March 2024 and entered into force 20 days thereafter (i.e. on 8 April 2024).
EC FISMA Workshops on 30 Apr 2024 and 29 May 2024:
Further to the adoption of the IPR, two online workshops were organised by the Commission Services with Member States authorities and stakeholders, on respectively 30 April and 29 May 2024, in order to discuss a number of the IPR provisions.
EC FISMA published clarifications on 23 Jul 2024:
The published document reflects the clarifications provided by the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) services during these workshops on the basis of questions that had been submitted in advance by the stakeholders. The VOP clarifications are covered in Q.no 90 to 150. (Reference document).
Deadline for Eurozone Countries – 09 Oct 2025:
Golive for sending and receiving VOP checks for Eurozone area PSPs.
Deadline for Non-Eurozone Countries – 09 Jul 2027:
Golive for sending and receiving VOP checks for non-Eurozone area PSPs.
B. The EPC VOP timeline
VOP Scheme Rulebook on 10 Oct 2024:
- Published the scheme rulebook
- Details on API specifications and messaging protocols
- Risk management framework
API Security Framework & Inter-PSP API Specifications on 31 Oct 2024:
The Security and API specifications details
- eIDAS-protected REST APIs
- Synchronous processing with 5-second timeout parameters
- Bulk checks are not supported at the Inter-PSP domain & the PSU could send bulk requests to the PSP who may send them as individual requests to other PSPs
Special EPC PSMB Bulletin on 05 Nov 2024:
- Mandates all PSPs in the Eurozone to join the EPC Scheme
- Outlined EPC Directory Service (EDS) requirements
- Established funding mechanisms
- Detailed cross-border operational standards
The EPC published a Call for Interest on 22 Nov 2024:
The EPC invites organisations to express their intention to offer their services for VOP Compliant Routing and Verification Mechanisms (RVM).
EPC PSMB Bulletin on 03 Dec 2024:
- Opt-out procedures with a 31 January 2025 deadline
- Detailed 2025 fee structures
- Established clear criteria for exemptions
- The deadline to submit the VOP opt-out application is 31 Jan 2025
Q2 2025:
- EDS available for pilot testing
Go-live of EDS VOP Scheme 05 Oct 2025:
- EDS goes live with the VOP scheme
- Start of fully operational service
C. Banfico CoP/VOP Solution timeline
- Feb 2022 – UK CoP Product starts its journey
- Dec 2023 – NPC CoP Rulebook Implementation
- Dec 2023 – MVP Demo to some NPC Stakeholder Forum members
- Feb 2024 – JPM Liink Confirm Integration Live
- Mar 2024 – Banfico VOP Gateway live – one API to connect to different schemes
- May 2024 – SEPAmail DIAMOND Reference Service Provider Certification
- Jul 2024 – PayUK CoP Aggregator Certification
- Oct 2024 – PayUK CoP Indirect Participants live
- Dec 2024 – EPC VOP API Implementation completed & live in Sandbox
- May 2025 – Banfico RVM integration with EDS in the pilot phase
- 05 Oct 2025 – Fully live with EDS for all Banfico VOP clients