Banfico

Regulatory Mandate Article 5c.1 of IPR states: The payer’s PSP shall offer the service ensuring verification regardless of the payment initiation channel used by the payer to place a payment order for the credit transfer. EU regulation defines ‘Payment initiation channel’ as “any method, device

When it comes to VOP, creating a seamless and secure customer experience is a delicate balance between protecting the users from fraud and ensuring a frictionless experience. Banfico has outlined the customer experience principles and essential DOs & DON'Ts that PSPs should consider when updating

Drawing from Banfico's extensive implementation experience of Confirmation of Payee (CoP) and Verification of Payee (VOP) account verification services across multiple markets, we present ten essential best practices for VOP participants. 1. EPC Communications Management Effective scheme operator (EPC) communication tracking requires: Regular monitoring of

Released in October 2024, the EPC API Security Framework (EPC164-22) version 2.0 defines standardized API security requirements across multiple EPC schemes, including the VOP scheme. EPC has reused the PSD2 authentication mechanism using eIDAS/ QWAC PSD2 certificates. EPC expects this approach is best suited to

The European Payments Council (EPC) has recently released critical information regarding the mandatory participation in the EPC Verification of Payee (VOP) scheme, funding the Directory Service (EDS), VOP scheme fees, and actions needed from EPC payment scheme participants in this regard. Here's what the PSPs

Hence, Banfico is excited to announce our Verification of Payee breakfast events across Europe in February and March 2025. We will explore several important VOP related topics and involve the expertise of local and regional industry experts. Join us at the locations below to have

Europe's payment landscape is entering a new era with the introduction of  Instant Payments Regulation (IPR) and Verification of Payee (VOP) requirements. This initiative spans from early 2024 through 2027, establishing a unified approach to payee verification across the SEPA region. Here is a chronological timeline of important

Banks/PSPs typically use multiple customer/staff channels for initiating payment transactions (Mobile Banking, Internet Banking, Phone Banking, Branches, Host-to-Host, ERP etc.) and it is required to integrate each payment initiation channel with the VOP solution. Some of the channels are customer-facing and hence a prudent analysis