VOP Service+ Framework

Introduction

Getting Started with Banfico VOP Service+

User Guides

About VOP Scheme

The Verification of Payee (VOP) scheme, developed by the European Payments Council (EPC), establishes a standardized framework for verifying the identity of payment recipients across the Single Euro Payments Area (SEPA). This initiative aims to enhance payment security by ensuring that the name provided by a payer matches the account holder's name associated with a given IBAN before a credit transfer is executed.

Purpose and Benefits

Fraud Prevention: By confirming the payee's identity, the VOP scheme helps prevent fraud, such as authorized push payment scams, and reduces the risk of misdirected payments.
Standardization: The scheme provides a uniform set of rules, practices, and standards for inter-PSP (Payment Service Provider) interactions, facilitating interoperability and consistency across SEPA.
Regulatory Compliance: VOP supports compliance with the EU Instant Payments Regulation (IPR), ensuring that PSPs meet mandated requirements for payment verification.

Key Features

Pre-Transaction Verification: VOP checks are performed before the payer authorizes a credit transfer, adding an additional layer of security to the payment process.
Transparency: In cases of a close match, the actual account name linked to the IBAN must be shown to the payer. For a no match, PSPs are required to provide appropriate warnings.
Bulk Payments: For batch submissions, PSPs must verify each IBAN individually, ensuring accuracy in bulk transactions.
Business Opt-Out: Non-consumer payers submitting multiple orders may opt out of VOP via contractual agreement, providing flexibility for business operations.

Implementation Timeline

Mandatory Implementation: PSPs must support VOP for instant credit transfers by 9 October 2025, 18 months from the IPR’s entry into force.
No Additional Fees: VOP must be offered to end users free of charge, ensuring accessibility for all customers.

How VOP Service+ Supports EPC Compliance Through Service Management

Banfico VOP Service+ empowers Payment Service Providers (PSPs) to align with the EPC Verification of Payee (VOP) Scheme and the EU Instant Payments Regulation (IPR) by combining technical conformance validation with robust service management capabilities. The platform goes beyond testing and offers integrated tools for service monitoring, issue tracking, participant notifications, and operational oversight.

Here’s how the platform aligns with key VOP scheme requirements:

Got it! Here’s a revised version of your section that prioritizes and highlights the service management capabilities first, while still covering how VOP Service+ ensures compliance with the EPC VOP Scheme:

VOP Service+: Simplifying EPC Compliance

The Banfico VOP Service+ platform combines powerful service management capabilities with conformance testing tools to help Payment Service Providers (PSPs) operate, monitor, and validate their VOP services in alignment with the EPC VOP Scheme and Instant Payments Regulation (IPR).

This section provides an overview of the core modules available within the platform.

Service Management

Service Management in VOP Service+ helps you operate reliable VOP services with 24x7 visibility, issue resolution tools, and transparent communication.

Service Desk : Raise, manage, and resolve issues efficiently between scheme participants.
Service Notification : Share timely updates about outages, maintenance, or service changes with all stakeholders.
Service Monitoring : Monitor API uptime, TLS/eIDAS certificate health, and endpoint responsiveness in real time.

Conformance Validation

Conformance Validation helps you ensure your VOP implementation meets EPC standards across behavior, logic, performance, and security.

Functional Conformance : Validate your Requestor and Responder flows against EPC VOP Rulebook and specifications.
Name Matching Evaluation : Test and verify how your system handles name matching cases like Exact, Close, and No Match.
Performance & Penetration Testing : Assess your system’s security and scalability through simulated traffic and vulnerability scans.

Role-Based Access Control (RBAC)

To support secure, multi-team collaboration, VOP Service+ implements Role-Based Access Control. Admins can assign users to roles such as Conformance User, Service User, Read Only, or Admin—ensuring each team member has access to only what they need. RBAC supports separation of duties, platform security, and operational accountability.