Bank-to-bank payment messaging network Swift is working to facilitate interoperability of Verification of Payee schemes across Europe as new research shows that 83% of SMEs across France, Germany, Italy and Spain rank upfront beneficiary checks as important to them in trading across borders, according to Finextra.
Almost nine in ten expect to be impacted by the change, while 44% of respondents say the regulation will save their business money, and 27% think it will help improve their cashflow. One in five expect to be more competitive.
The regulation mandates Verification of Payee (VoP) for cross-border payments within the Single European Payment Area by October 2025. Many countries use VoP at a domestic level, but interoperability between these schemes is critical to its success on an international scale.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
