Frankfurt-based fintech becomes the first RVM to complete the comprehensive qualification process ahead of the critical 9 October 2025 deadline, according to European Payments Council.
Banfico, a leading global fintech specialising in account verification solutions, announced that „has become the first Routing and/or Verification Mechanism (RVM) to achieve full qualification status in the European Payments Council’s (EPC) Verification of Payee (VOP) scheme„.
The VOP scheme has attracted over 70 RVMs to support the market-wide implementation of verification of payee services, with the community working on an exceptionally tight timeline. Banfico’s achievement of full qualification on 5 June 2025 represents a critical milestone in ensuring timely VOP delivery to Payment Service Providers (PSPs) across Europe.
Banfico’s full qualification encompasses passing all functional tests within the EPC’s API Reference Toolbox (ART), obtaining self-certification status, and successfully implementing EPC Directory Service (EDS) integration. The EDS is now fully integrated as a cache service, enabling scheme participants to make API and web-based updates to operational data within the directory.
“Achieving this industry-first qualification demonstrates our commitment to supporting the European payments ecosystem through this critical transformation,” said Paulo Barbosa, COO at Banfico. “Our early qualification enables us to support PSPs in meeting their regulatory obligations whilst ensuring robust, secure verification services.”
Looking ahead, Banfico is collaborating with other leading RVM partners to conduct comprehensive buddy testing for PSP clients. Upon completion of this testing phase, Banfico will be fully production-ready to support the scheme’s go-live date of 5 October 2025.
Beyond its RVM qualification, Banfico offers a comprehensive suite of VOP implementation solutions, including VOP RVM services, VOP Conformance Testing, and VOP Service Management. Notably, Banfico’s conformance testing capabilities extend beyond the scope of the EPC’s API Reference Toolbox, providing enhanced validation for PSP VOP implementations.
Banfico is a global fintech company headquartered in London with subsidiaries in Germany, India, Saudi Arabia, and Brazil. Trusted by over 225 financial institutions worldwide, Banfico specialises in account verification and open banking solutions and plays an active role in industry standardisation efforts, including active participation in the working groups and stakeholder forums of European Payments Council, Nordic Payments Council, Euro Banking Association, Pay.UK and Berlin Group API Standards.
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