Following this announcement, the new solution was developed to support payment service providers (PSPs) in offering Verification of Payee services to their users that fulfill the requirements of the Instant Payments Regulation (IPR) and of the VOP Scheme developed by the European Payments Council (EPC).
With this delivery, EBA CLEARING will provide the 5,000 PSPs that are connected to its RT1 and STEP2 Services with a comprehensive and secure pan-European solution, which is developed to build SEPA-wide reach for Verification of Payee. In addition, the company will continue to focus on meeting the needs, preferences, and demands of customers and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Developed with the support of fraud experts from its multinational user community, the solution leverages building blocks of the Company’s Fraud Pattern and Anomaly Detection (FPAD) functionality. FPAD went live in March 2024 and represents an integral part of the pan-European retail payment systems STEP2 and RT1. FPAD provides the users of both services with a wide range of real-time fraud prevention and detection tools based on anomalies and fraud patterns identified at a network level.
At the same time, the EBA CLEARING’s VOP solution will deliver different options to take advantage of the wide-ranging Verification of Payee capabilities of FPAD, both on the requesting and the responding sides. This process will allow PSPs to have the possibility to adapt their VOP approaches over time, while also ensuring full pan-European reach from the start. Furthermore, utilising the FPAD functionality for VOP will also enable PSPs to address risk considerations and limit friction for end clients, and fulfill compliance requirements as well.
The release will also allow users to fine-tune their VOP services, as well as integrate them into their payment procedures. In addition, the service will provide options for the requesting and responding side. Participants who will start to use VOP will receive a VOP response for any IBAN in SEPA ahead of the IPR deadline.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now