On 10 March 2025, the European Central Bank (ECB) issued a press release stating that it had positively concluded its exploratory work for offering a Verification of Payee (VoP) service for payment service providers (PSPs) building on the services developed by the Banco de Portugal and Latvijas Banka.
The press release goes on to state that the two solutions offered by these Eurosystem central banks have been designed in accordance with the VoP scheme developed by the European Payments Council. The solutions will achieve SEPA-wide reach and will benefit from the coordination by the Eurosystem. Any PSP in the euro area will be able to fulfil its obligation to offer a VoP service to their customers by 9 October 2025, using one of the two solutions.
Further information on the VoP solutions offered by the two Eurosystem central banks can be found on the websites of the Banco de Portugal and Latvijas Banka, or PSPs may contact the ECB via email.