The VOP deadline approaching: PSPs will need to provider Payers with a real-time account details-beneficiary name matching service, with no additional cost, by October 9 th. VOP has become a strategic project for PSPs, and comes with several challenges: connecting with potentially 3,000+ PSPs in Europe, bringing internal teams together to work on such a large scale project, etc. The LUXHUB as been working on this topic for the last 18 to 24 months, and now provides PSPs with an efficient solution the Payee Verification Platform. Today, with about 4 months left until the October deadline, the team releases an updated version of its VOP White Paper, entitled Tackling the VOP challenge.
As explained by Claude Meurisse, CEO of LUXHUB, this comprehensive document aims at providing you with a clear roadmap to (successfully) tackle your Verification of Payee challenges, ensure your compliance in due time and especially your adherence to the VOP Scheme in order to connect to other PSPs. What youll find in it:
- What and when the overall VOP concept, the types of credit transfers in scope, timelines and deadlines, and the different matching outcomes
- The EPC VOP Scheme it provides a set of inter-PSP rules, practices and standards in the SEPA area to be complied with by the participants who adhere to the scheme
- EMIs & PIs: specific considerations despite their specificities, Payment Institutions and Electronic Money Institutions are also concerned by VOP
- The Payee Verification Platform it consists in two complementary services providing PSPs and their payers with an efficient account details-name matching service
- Authentication and connectivity Open Banking players have developed a strong connectivity expertise and are well equipped to support PSPs in their VOP challenges
- Project implementation the timeline may vary significantly on several factors such as contractual negotiations, availability of required resources to set-up and implement both solutions, etc.
- Why LUXHUB the REGTECH100 and ISO27001-certified company can support PSPs with regards to the Verification of Payee obligation