The Eurosystem has positively concluded its exploratory work for offering a Verification of Payee (VoP) service for payment service providers (PSPs) building on the services developed by the Banco de Portugal and Latvijas Banka. The decision will help PSPs in the Single Euro Payments Area (SEPA) to comply with their legal obligations for credit transfers in euro, as outlined in the EU Instant Payments Regulation (Regulation 2024/886).
The two solutions offered by these Eurosystem central banks have been designed in accordance with the VoP scheme developed by the European Payments Council. The solutions will achieve SEPA-wide reach and will benefit from the coordination by the Eurosystem. Thus, any PSP in the euro area will be able to fulfil its obligation to offer a VoP service to their customers by 9 October 2025, using one of the two solutions.
The introduction of a VoP service is expected to reduce the risk of fraud and payment errors by allowing payers to verify the account details of the intended recipients before payments are initiated.
The new service, co-ordinated by the Eurosystem and utilising the Portuguese and Latvian VoP schemes, will be available for instant payments, including those settled in Target Instant Payment Settlement, as well as for Sepa credit transfers.
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:
