The Nordic Payments Council is developing a new Verification of Payee scheme for local payments in the Nordics, aiming to align with the euro area and the forthcoming Payments Services Regulation (PSR).
The Nordic Payments Council Verification of Payee (NPC VOP, NVOP) Scheme consists of a Rulebook covering the business process layer and key logical elements for verifying a payee’s payment details, supported by API Specifications and connectivity to a directory service.
The NPC VOP aims to enable verification of a payee’s payment account and name before a payment is initiated. It is based on the EPC Verification of Payee Rulebook to ensure harmonisation with SEPA and is expected to improve payment quality, reduce misdirected and fraudulent payments, and enhance the customer experience.
The timeline for the publication and in-effect of the NVOP Scheme depends on the availability of the PSR, with further information to be communicated in due course.