In March 2025, the Eurosystem completed exploratory work for offering a Verification of Payee (VoP) service for payment service providers (PSPs) in SEPA, helping them comply with the EU’s Instant Payments Regulation across credit transfers in Euro. NextGen Nordics 2025 at the Münchenbryggeriet in Stockholm, Sweden, on 29 April 2025, will explore how VoP can reduce fraud and payment, and prepare for 5 October 2025, the effective date of the VOP scheme rulebook.
Preparing for October 2025
While Nordic banks and fintechs have made significant strides with innovation, the road to compliance with the Instant Payment Regulation is not without its challenges. Some of the region's financial institutions have already begun the process of adapting their systems to comply with VoP, while others are still in the planning or testing stages.
The level of preparedness varies, with some players more advanced than others, but the overall sentiment is one of cautious optimism. NextGen Nordics is at the forefront of supporting the Nordic region in its transition to a more secure and efficient digital payment system. As a collaborative initiative involving industry stakeholders, regulatory bodies, and technology providers, NextGen Nordics is helping to drive the standardisation and implementation of VoP across the region.
Creating a harmonised VoP process
Banks and fintech firms recognise the importance of the VoP framework in reducing fraud and improving transaction security, but alignment remains a work in progress. Banks tend to have a more conservative approach, focusing on the technical aspects of integrating VoP into their existing infrastructure. Fintechs, known for their agility and innovation, are pushing for a more seamless and customer-centric experience. The challenge here is finding common ground and building a solution that works across the entire financial ecosystem.
Industry groups, such as the Nordic Payments Council, are playing a crucial role in fostering collaboration between banks, fintechs, and regulators to create a unified approach. Paulina Kudlacik, confirmation of payee scheme manager, Nordic Payment Council, will be speaking at NextGen Nordics, where banks and fintech firms will gain access to resources, best practices, and technical solutions that will help them navigate the complexities of VoP implementation.
Standardisation of the CoP and VoP rulebooks
A major element of the successful implementation of VoP is the standardisation of the CoP (Confirmation of Payee) and VoP rulebooks. These rulebooks lay the groundwork for how payee verification will be carried out in real-time, and their alignment across different jurisdictions is critical to ensuring that payments are processed smoothly and securely. As the deadline approaches, it’s expected that more clarity will emerge regarding the final version of the rulebooks.
Nordic stakeholders are closely monitoring these developments and are working together to ensure that their systems are aligned with the forthcoming regulations. NextGen Nordics will provide guidance on navigating regulatory changes, offering clarity on how to meet the requirements of the Instant Payment Regulation while minimising disruption to existing operations.
To explore VoP and the Instant Payments Regulation further, join us at NextGen Nordics 2025 in Stockholm on 29 April. Gain expert insights and networking opportunities to prepare for the October 2025 deadline. Register now to secure your place. While bank representatives attend for free, tickets are available for software, IT, or consultancy providers to financial institutions. Don't miss this crucial event.