Verification of Payee is not defined by a single document. It sits at the intersection of EU regulation, technical standard-setting and a payment scheme — and understanding those layers helps PSPs know what they actually have to comply with.
The three layers that matter
- EU law: the Instant Payments Regulation creates the binding obligation to offer Verification of Payee on euro credit transfers.
- Technical standard-setting: the European Banking Authority develops standards and clarifications that detail how obligations are met.
- The scheme: the EPC Verification of Payee scheme rulebook defines the operational rules, message formats and responsibilities.
The rulebook is where the day-to-day lives
For implementation teams, the EPC scheme rulebook is the practical reference: it standardises the request/response, the outcomes, and the obligations of requesting and responding PSPs.
Why this matters for compliance
Because the framework spans several layers, a PSP that only reads the regulation can miss operational detail in the rulebook, and vice versa. Aligning your implementation to both keeps you compliant and interoperable with other scheme participants.
Letting a provider track the framework
Keeping up with regulation, EBA work and rulebook updates is ongoing. A provider that operates on the scheme tracks these changes for you. RoxPay runs Verification of Payee on the SEPA scheme and keeps its implementation aligned as the framework evolves.