At EBAday 2025, two expert panels delved into the challenges surrounding Verification of Payee (VoP), fraud prevention, and the implications of rising volumes in instant and real-time payment systems for payment service providers (PSPs) and their clients.
### Securing Payment Transactions
The first panel, led by Lu Zurawski from the Payment System Regulator, included Jacques Vanhautere from SEPAmail.eu, Kannan Rasappan from Banfico, Nicolas Trimbour from BNP Paribas, Olivier Julou from Crédit Agricole, and Sheri Brandon from Worldline Financial Services.
Zurawski initiated the discussion by highlighting the upcoming VoP go-live date in October 2025 and asking panelists for their insights on implementation challenges.
Rasappan remarked, “The implementation is significant. We’re launching a large-scale infrastructure, and the risks associated with compliance on launch day are high, particularly since we’re coordinating efforts across 3,500 institutions.”
Vanhautere emphasized the importance of properly preparing end users, both individuals and businesses. “The process isn’t just for banks; if users aren’t organized to adapt by October, we’ll face significant challenges. Communication and information sharing are essential.”
Trimbour raised concerns about the need for interoperability between existing and new systems to create a smooth customer journey: “Harmonizing current schemes with new ones presents challenges as we aim for readiness.”
Julou echoed the need for effective data management, stating, “Data is crucial since we already have registered consumer data that we need to manage.” He also noted that VoP isn’t a complete solution for fraud, stressing the importance of trust built through consistent communication.
Brandon pointed out that bulk payments involving several banks introduce operational complexities. “If one bank rejects an entire file due to VoP failure, it can cause chaos for corporates.”
As the session concluded, panelists discussed the necessity of cross-sector collaboration to combat fraudsters utilizing digital platforms. Julou asserted, “Fraud operates beyond just PSPs; it extends into social media and messaging apps, necessitating collaboration across all technologies.”
Vanhautere reminded attendees of the critical need for clear public communication prior to the launch: “With just four months until the launch, we must prioritize information sharing and encourage users to clean their databases and update practices.”
### The Real-Time (R)evolution
The next panel, moderated by Elena Casal from The Clearing House, included David Voss from Bank of America, Esther Galiana from BBVA, Dr. Hubertus Von Poser from PPI, and Simone Del Guerra from Nexi.
Casal framed the discussion around current trends and future expectations for the next six to twelve months.
Del Guerra noted that Europe’s rollout of instant payments has been inconsistent, stating, “Different countries exhibit varying levels of implementation and consumer behavior, with the Nordics and Italy particularly divergent.”
Galiana echoed this sentiment, highlighting the growing demand for real-time treasury solutions that provide corporates with real-time balance information and payment traceability.
Von Poser offered a nuanced perspective, pointing to both gradual improvements and potential breakthroughs, saying, “While there’s an evolutionary path, we may also require revolutionary changes to client-facing products.”
Voss predicted that 2025 would be pivotal for instant payments but warned that progress goes beyond just infrastructure. “It’s essential to address compliance concerning the entire instant payment ecosystem.”
He further emphasized the value of integrating request-to-pay with invoicing to aid corporate reconciliation efforts: “If businesses send invoices to banks that generate request-to-pay notifications, it simplifies payment and invoice alignment.”
Discussing the upcoming October 2025 regulation deadline, Galiana stressed the need for harmonization across regulations to ensure uniform experiences. Voss noted SEPA as a successful regulatory initiative that fostered instant payments.
Looking ahead, all panelists agreed that the next six to twelve months will be crucial, with del Guerra pointing out, “There’s a lot of uncertainty, and considerable work remains, particularly regarding software and service delivery.”