White paper
Connecting Europe through Verification of Payee
- October 2024
- Estimated reading time: 15 min.
The European financial landscape is preparing for significant change. The European Regulation on Instant Payments, or IPR, introduces a core Verification of Payee (VoP) requirement, mandating that EU Payment Service Providers (PSPs) implement VoP capabilities by October 9, 2025. For non-Euro countries, the implementation date is July 9, 2027.
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What you'll learn
Overview
This white paper explores the key aspects of the VoP regulation, including the scope, deadlines for implementation, and implications for banks. It also details the functionalities PSPs must have in place – such as the ability to query account holder data, implement name-matching algorithms, and ensuring compliance with GDPR – while addressing the technical challenges associated with both single and bulk payment verifications.
It's time to act now
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Our white paper provides a comprehensive overview of the necessary steps to take before the October 2025 deadline and offers guidance on achieving seamless integration and compliance with IPR.
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