EBA Clearing has introduced a SEPA-wide Verification of Payee (VOP) service to assist payment service providers (PSPs) in Europe in adhering to the Instant Payment Regulation requirements.
This service enables PSPs to offer IBAN/name matching services to their customers for SEPA transactions. Starting in October 2025, PSPs within the Single Euro Payments Area will be obligated to provide such services to payers, as mandated by the Instant Payments Regulation.
EBA Clearing provides access to this comprehensive solution for 5,000 PSPs connected to its RT1 and STEP2 Services, aiming to enhance the SEPA-wide reach for VOP. The new feature includes various options to utilize EBA Clearing’s Fraud Pattern and Anomaly Detection capabilities, benefiting both the requesting and responding parties.
According to the company, this flexibility will enable PSPs to refine their VOP strategies over time while ensuring complete pan-European coverage from the outset.
Erwin Kulk, head of service development and management at EBA Clearing, stated, “We are pleased to provide our vast user community with a pan-European VOP solution 10 months ahead of the deadline set by the IPR for the eurozone. This will allow our users to fine-tune their VOP services and seamlessly integrate them into their payment processes.”