What’s changing?
Verification of Payee (VoP) is a European account verification service introduced by the European Payments Council (EPC). It allows a payer to confirm that the account name they enter matches the account details when making euro SEPA payments.
We will be participating in VoP as a Responder and Requester.
- As a Requester, we will enable you to verify your payee’s account details before initiating a SEPA payment, helping reduce errors and increase payment accuracy.
- As a Responder, we will respond to verification requests from other VoP scheme participants, allowing them to confirm account details for SEPA-receiving accounts held with Currencycloud.
Why is this changing?
This is a regulatory change aimed at reducing the risk of misdirected payments and enhance protection against payment fraud. It enhances confidence when initiating SEPA payments from our platform and increases trust for anyone sending payments into accounts held with Currencycloud, strengthening the overall security of the payment process.
What does this mean for me?
For Currencycloud Direct Users:
- As a Requester, when you send SEPA payments via our Direct platform, the Verification of Payee check will be seamlessly built into your payment initiation process. This helps ensure that your payment is directed to the intended recipient with better accuracy.
- As a Responder, we will handle all verification requests related to accounts we hold, ensuring that other participants in the VoP scheme will be able to confirm your account details before sending you a SEPA payment, thus offering your payers greater assurance.
For API Users:
- As a Requester, you will need to integrate with our API endpoint for VoP and incorporate it into your payment flows. This ensures that a VoP check is always performed before your users send SEPA payments, giving them greater confidence that their funds are going to the correct recipient. We will share more information closer to the implementation date.
- As a Responder, no action is required on your side to continue receiving EUR SEPA payments into your Currencycloud account. We will handle all incoming verification requests related to accounts we hold, ensuring that other participants in the VoP scheme can confirm your account details before sending you a SEPA payment, helping to build trust and confidence for your payers.
What do I need to do now?
There is no action required immediately. We will be in touch with detailed information in plenty of time for you to meet the deadline.
When will this happen?
- Responder participation: We are live as a Responder.
- Requester participation: We plan to begin participating as a Requester by 1 March 2026.