This post was originally published on Finextra (Security)
Banfico, a leading global fintech specialising in account verification solutions, has become the first Routing and/or Verification Mechanism (RVM) to achieve full qualification status in the European Payments Council’s (EPC) Verification of Payee (VOP) scheme.
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This milestone achievement positions Banfico at the forefront of the European payments ecosystem as the industry prepares for the Instant Payments Regulation (IPR) compliance deadline of 9 October 2025.
The VOP scheme has attracted over 70 RVMs to support the market-wide implementation of verification of payee services, with the community working on an exceptionally tight timeline. Banfico’s achievement of full qualification on 5 June 2025 represents a critical milestone in ensuring timely VOP delivery to Payment Service Providers (PSPs) across Europe.
Comprehensive Qualification Achievement
Banfico’s full qualification encompasses passing all functional tests within the EPC’s API Reference Toolbox (ART), obtaining self-certification status, and successfully implementing EPC Directory Service (EDS) integration. The EDS is now fully integrated as a cache service, enabling scheme participants to make API and web-based updates to operational data within the directory.
“Achieving this industry-first qualification demonstrates our commitment to supporting the European payments ecosystem through
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