European VOP implementation speeds up courtesy of SurePay, with Belgium selected as the initial location for deployment.
In the rapidly evolving world of digital payments, Belgium is making significant strides in enhancing security and trust within the European Union. On October 9, 2025, Belgian banks and payment service providers (PSPs) will be required to perform Verification of Payee (VOP) checks on all credit transfers, as mandated by the EU's Instant Payments Regulation (IPR).
The implementation of VOP in Belgium positions the country as a model for other European nations, with its banks and PSPs actively preparing for the regulatory deadline. The European Payments Council (EPC) has released the VOP Scheme Rulebook, which will enter into force on October 5, 2025.
The extended version of the standard VOP service, adopted by Belgium, offers several benefits. It provides clearer notifications to payers, more data for banks to detect fraud early, and support for country-specific needs. This enhanced service results in 30% more effective fraud prevention, higher customer satisfaction, reduced liability for banks, and a safer payment experience for consumers.
SurePay, Europe's largest VOP vendor, has officially welcomed Belgium into its European VOP community. The company, which processes over 200 million VOP checks per month, is experiencing increasing demand in the market, including for fallback solutions. In fact, 200 banks across Europe, including 17 Belgian institutions, have selected SurePay as their trusted provider for UK Confirmation of Payee (CoP), EU Verification Of Payee (VOP), and Swift Beneficiary Account Verification (BaV).
The successful implementation and go-live of VOP in Belgium were facilitated by excellent collaboration with CEC, Febelfin, and the participating Belgian banks. This collaborative approach is key to ensuring smooth cross-border implementation, with solutions being developed with a focus on interoperability and collaboration among stakeholders.
The VOP service is designed to be seamless, with minimal impact on user experience and transaction speed, especially for instant payments. It aims to decrease the risk of fraud and payment errors, improving confidence in both domestic and cross-border payments. Clearer liability rules for PSPs will also reduce disputes and enhance consumer protection.
As cross-border digital payments continue to grow, VOP is expected to play a foundational role in the future of the European payments landscape, supporting innovation and security. This is a significant step towards a more secure European payment landscape, as stated by David-Jan Janse, CEO of SurePay.
Key Aspects of VoP Implementation: - Mandatory Compliance Date: Euro-area (including Belgium): 9 October 2025, Non-euro EU countries: 9 July 2027 (for euro instant payments and VoP) - Scope: All credit transfers (instant and standard) within the Single Euro Payments Area (SEPA), covering both domestic and intra-EU cross-border payments - Nature of VoP: IBAN-name consistency check, designed to combat fraud and reduce misdirected payments
Impact on Cross-Border Payments Within the EU: - Enhanced Security and Trust: Real-time verification of payee details decreases risk of fraud and payment errors - Streamlined Liability: Clearer liability rules for PSPs, reducing disputes and enhancing consumer protection - User Experience: The VoP process is designed to be seamless, with minimal impact on user experience and transaction speed - Broader Implications: As cross-border digital payments continue to grow, VOP is expected to play a foundational role in the future of the European payments landscape, supporting innovation and security
In summary, the implementation of Verification of Payee (VOP) in Belgian banks is a significant step towards a more secure European payment landscape. The approach is collaborative and API-driven, aiming for seamless integration and robust user protection. With Belgian banks leading the way, other European countries can expect to follow suit in the coming years.
References: [1] European Central Bank. (2021). Instant Payments Regulation (IPR) and Verification of Payee (VOP). Retrieved from https://www.ecb.europa.eu/paym/inst/ipr/html/index.en.html [2] European Payments Council. (2021). Verification of Payee (VOP) Scheme Rulebook. Retrieved from https://www.europeanpaymentscouncil.eu/standards/vop-scheme-rulebook [3] SurePay. (2021). SurePay Welcomes Belgium to European VOP Community. Retrieved from https://www.surepay.com/news/surepay-welcomes-belgium-to-european-vop-community [4] Finextra. (2021). Finance Denmark chooses SurePay to rollout nationwide VoP service. Retrieved from https://www.finextra.com/pressarticle/88140/finance-denmark-chooses-surepay-to-rollout-nationwide-voP-service
- Evidently, Belgium's plan to implement Verification of Payee (VOP) checks in compliance with the EU's Instant Payments Regulation (IPR) is set for October 9, 2025, positioning the country as a model for other European nations.
- The European Payments Council (EPC) has published the VOP Scheme Rulebook, effective from October 5, 2025, offering benefits such as clearer notifications to payers, enhanced fraud detection, and support for country-specific needs.
- SurePay, the largest VOP vendor in Europe, has welcomed Belgium into its European VOP community, with 17 local banks selecting SurePay as their trusted provider for UK Confirmation of Payee (CoP), EU Verification Of Payee (VOP), and Swift Beneficiary Account Verification (BaV).
- The successful implementation of VOP in Belgium was facilitated by collaboration with CEC, Febelfin, and Belgian banks, emphasizing the importance of collaboration for ensuring smooth cross-border implementation and interoperability among stakeholders.
- With the implementation of VOP, Belgium aims to improve the security and trust within domestic and cross-border payments, contributing to a more secure European payment landscape, which is a crucial step towards supporting innovation and security in the future of European payments.
