EBA Clearing has launched a Sepa-wide Verification of Payee (VOP) service to help PSPs in Europe meet Instant Payment Regulation requirements.
The feature supports PSPs (payment service providers) in offering IBAN/name matching services to their customers for their Sepa transactions.
PSPs across the Single Euro Payments Area will have to offer such services to payers from October 2025 on, as mandated by the Instant Payments Regulation.
EBA Clearing says it provides 5000 PSPs that are connected to its RT1 and STEP2 Services with a comprehensive pan-European offering, which is designed to build Sepa-wide reach for VOP.
The new feature offers different options to take advantage of the wide-ranging VOP capabilities of EBA Clearing's Fraud Pattern and Anomaly Detection functionality, both on the requesting and the responding sides.
This, says the company, will allow PSPs to adapt their VOP approaches over time, whilst ensuring full pan-European reach from the start.
Erwin Kulk, head, service development and management, EBA Clearing, says: "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."