5 Key Obligations for VoP Service Providers Under EU Regulations
With the introduction of the Verification of Payee (VoP) scheme under the European Payments Council (EPC) and the EU Instant Payment Regulation, service providers must meet strict compliance and operational standards. These obligations ensure secure, real-time payee verification across SEPA payments while reducing fraud and misdirected transactions. Below are the five core obligations every VoP service provider must fulfill: 1. Compliance with the EPC VoP Scheme Rulebook Service providers must strictly adhere to the EPC VoP Scheme Rulebook . This includes following technical standards, operational procedures, data exchange formats, and response timelines defined by the scheme. Compliance ensures interoperability across the SEPA ecosystem and guarantees that all participating institutions follow a standardized verification framework. 2. Mandatory Scheme Registration and Fee Payment VoP participants are required to formally register with the EPC scheme and pay applicable participation ...