The European Payments Council (EPC) is launching a public call for interest inviting organisations to express their intention to offer services as a Verification of Payee (VOP) scheme-compliant Routing and/or Verification Mechanisms (RVM) in the EPC VOP scheme.
The new Verification Of Payee (VOP) scheme, developed by the EPC, that will enter into force on 5 October 2025, aims at supporting Payment Service Providers (PSPs) located in the European Union (EU) and in the European Economic Area (EEA) in addressing the new regulatory requirements on verification of payee. The new requirements mandate that all PSPs located in the EU/EEA implement a mechanism to verify the payee (i.e., beneficiary) of an (instant) credit transfer.
Requesting PSPs and/or Responding PSPs may use the services of RVMs to route VOP Requests and related VOP Responses, to Responding PSPs and Requesting PSPs respectively.
As a matter of normal practice, RVMs:
- Receive VOP Requests from the Requesting PSP who participates in the relevant RVM;
- Forward the VOP Requests in full to the Responding PSP who participates in the relevant RVM if appropriate, ensuring that all data submitted by the Requester and the Requesting PSP reaches the Responding PSP;
- Forward a VOP Response from the Responding PSP in full and without alteration to the Requesting PSP;
- Provide any required risk management procedures and other related services.
The RVMs may also conduct the VOP actions on behalf of the Responding PSP and subject to an agreement between the RVM and the Responding PSP concerned.
Organisations interested in offering their services as RVM in the context of the VOP scheme and interested in being listed among the first VOP-scheme compliant RVMs on the EPC website, are kindly invited to complete and submit this form via email to [email protected] by 20 December 2024, midnight Brussels time.
To submit your response, please use the response form (EPC269-24), which can be downloaded below.