The Eurosystem has successfully concluded its exploratory work on a Verification of Payee (VoP) service, paving the way for payment service providers (PSPs) across the Single Euro Payments Area (SEPA) to enhance transaction security and compliance. The initiative builds on services developed by Banco de Portugal and Latvijas Banka, aligning with the EU Instant Payments Regulation (Regulation 2024/886).
The VoP service, designed in accordance with the European Payments Council’s scheme, will ensure SEPA-wide coverage and benefit from Eurosystem coordination. This will enable PSPs in the euro area to meet their legal obligation to offer VoP services by the deadline of October 9, 2025, using one of the two central bank-backed solutions.
By allowing payers to verify the account details of recipients before initiating transactions, the VoP service aims to mitigate fraud and payment errors. It will be available for instant payments settled through TARGET Instant Payment Settlement as well as for SEPA credit transfers.
For further details on the VoP solutions, stakeholders are encouraged to visit the Banco de Portugal and Latvijas Banka websites or contact the European Central Bank via email.
Related topics:
