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The Eurosystem will offer the verification of the payee service

Elena by Elena
11/03/2025
in ECB
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The Eurosystem has successfully concluded its exploratory work on a Verification of Payee (VoP) service, paving the way for payment service providers (PSPs) across the Single Euro Payments Area (SEPA) to enhance transaction security and compliance. The initiative builds on services developed by Banco de Portugal and Latvijas Banka, aligning with the EU Instant Payments Regulation (Regulation 2024/886).

The VoP service, designed in accordance with the European Payments Council’s scheme, will ensure SEPA-wide coverage and benefit from Eurosystem coordination. This will enable PSPs in the euro area to meet their legal obligation to offer VoP services by the deadline of October 9, 2025, using one of the two central bank-backed solutions.

By allowing payers to verify the account details of recipients before initiating transactions, the VoP service aims to mitigate fraud and payment errors. It will be available for instant payments settled through TARGET Instant Payment Settlement as well as for SEPA credit transfers.

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For further details on the VoP solutions, stakeholders are encouraged to visit the Banco de Portugal and Latvijas Banka websites or contact the European Central Bank via email.

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Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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