On Mar. 31, EPC launched new qualification process for payee scheme.
EPC announced formal qualification process for bodies intending to offer services as Routing and/or Verification Mechanisms (RVM) in Verification Of Payee (VOP) Scheme.
Follows EPC Jan. 2025 announced Swift is supplier for EDS operations, see #241167.
Launch Details
The VOP scheme, developed by EPC, will come into effect on Oct. 5, 2025 and aims to help Payment Service Providers (PSPs) in EU and EEA meet regulatory requirements.
These new regulatory requirements mandate that all PSPs in the EU/EEA implement a mechanism to verify the payee (i.e., beneficiary) of an (instant) credit transfer made.
RVMs will play a key role in interoperability, as EPC expects that a large part of VOP scheme participant PSPs to rely on the services of RVMs to comply with this regulation.
Organisations that already expressed their intent to offer their services as VOP RVM can be consulted on EPC website, along with additional information on requirements.
By launching a mandatory qualification process for RVMs, the EPC aims to ensure a successful roll-out of the VOP scheme, and this new process includes a self-certification of the RVM’s VOP APIs against the new EPC API Reference Toolbox test platform basis.
Qualification Process
Process is open to organisations that already expressed an interest in offering services as a VOP scheme-compliant to EPC, and to organisations that apply for the first time.
The EPC requires all organisations interested in offering their services as RVM in the VOP Scheme, to submit the EPC RVM Agreement to the EPC to start the EPC RVM qualification process and are kindly invited to complete and submit the form via email.
EPC strongly recommends organisations submit this form by Apr. 30, 2025, midnight Brussels time, to guarantee completion of qualification process before Oct. 5, 2025.
