Verification of Payee Implementation Flow Briefing

This flow briefing provides an analysis of the implementation of Verification of Payee (VoP) across the market, particularly in relation to the European Commission's Instant Payments Regulation (IPR). It outlines the requirements for payment service providers (PSPs) to offer real-time fraud prevention mechanisms, emphasizing the importance of VoP in mitigating authorized push payment fraud. The briefing discusses the go-live date of October 9, 2025, and the subsequent impact on consumers and corporates. It highlights five key learnings regarding the standardization of customer-to-bank interactions, the dependency on treasury management systems (TMS) and enterprise resource planning (ERP) providers, the need for governance around VoP processes, the role of automation in enhancing VoP efficiency, and the critical importance of master data quality for successful VoP adoption. The document serves as a guide for understanding the complexities and necessary steps for corporates to effectively integrate VoP into their payment processes.