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EBA CLEARING announced today the publication of the user specifications for its Verification of Payee solution. The specifications are based on the proposal of the European Payments Council's VOP Scheme Rulebook.
The solution will leverage building blocks of its recently launched Fraud Pattern and Anomaly Detection (FPAD) functionality to provide a comprehensive IBAN/name matching solution with a broad reach across SEPA starting from December 2024. The delivery will be completed 10 months before the October 2025 deadline set by the Instant Payments Regulation, when the obligation for payment service providers (PSPs) in the eurozone to provide a Verification of Payee service to their customers will come into force.
FPAD is an integral part of the pan...
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