In today’s increasingly evolving world of finance, the importance of effective payment verification methods cannot be understated. The Verification of Payee (VOP) Scheme plays a role, in ensuring that payments reach the intended recipients accurately thus minimising the potential for fraud and mistakes. Overseen by the European Payments Council (EPC) AISBL the VOP Scheme Management follows an approach to uphold its reliability and flexibility. This article explores the nuances of VOP Scheme Management shedding light on its core elements and operational principles.

1. COP TF’s Role in the VOP
Scheme Management
In today’s increasingly evolving world of finance, the importance of effective payment
verification methods cannot be understated. The Verification of Payee (VOP) Scheme plays
a role, in ensuring that payments reach the intended recipients accurately thus minimising
the potential for fraud and mistakes.

2. Overseen by the European Payments Council (EPC) AISBL the VOP Scheme Management
follows an approach to uphold its reliability and flexibility. This article explores the nuances
of VOP Scheme Management shedding light on its core elements and operational
principles.
Insight of the VOP Scheme
Management
The Verification of Payee (VOP) Scheme Management Entity under the EPC AISBL acts by
the EPC By-Laws. The structure of management comprises two functions:
●​ Managing the Evolution of the Scheme: The administration of the scheme is
responsible for the maintenance and improvements that are needed to keep it
relevant and effective.
●​ Participant Compliance: The VOP Scheme Management ensures that all actors of
the scheme adhere to the rules set out for maintaining the integrity and reliability of
the scheme.
Detailed rules for operation are specified under the Internal Rules of the Dispute Resolution
Committee (DRC) and the VOP Scheme Management.
Creating the Confirmation
of Payee Task Force
The Confirmation of Payee Task Force (COP TF) is a crucial component of the scheme and
is responsible for overseeing the core documentation and facilitating the VOP Scheme’s
evolution. The task force could have up to 14 members, who would be members of EPC
and other qualified nominees. The members are chosen by the Nominating and

3. Governance Committee (NGC) and finalised by the Payment Scheme Management Board
(PSMB).
Interested observers may also be appointed, provided they meet the criteria defined in the
EPC Internal Rules.
The Mandate & Scope
of COP TF
Operating under a mandate set by the PSMB and the EPC, the Task Force is driven by a
structured Change Management Process used to analyse and incorporate proposed
changes. These in turn ensure that the scheme remains adaptable and compliant with the
regulatory terms.
Change Management
Process & its Function
A key role of the European Payment Council (EPC) is to ensure that the Verification of
Payment Scheme progresses in line with the development of the payment market. To
execute this a transparent and organised Change Management Process is required guided
by several principles:
●​ Compliance: The set course of the scheme must not deviate from the relevant rules
and regulatory requirements set by the Belgian and EU legislation.
●​ Transparency: An open and transparent process may allow participants and
stakeholders to propose changes and ensure careful observation.

4. ●​ Innovation: The scheme must be open to innovative proposals that could positively
impact the delivery and competitiveness of the scheme.
●​ Proposal Impact: Any proposals for change may be supported but only after
thorough impact analyses are done to evaluate the feasibility and its implications.
●​ Integration: All integrated international payment products and services may be
developed under the scheme.
Eligibility for Change
Request Work
●​ Any individual or organisation can submit a request for changes with a legitimate
interest.
●​ Their requests must be corroborated with detailed reasoning and an analysis of its
impact.
●​ All change requests must then be submitted and acknowledged by the EPC
Secretariat to ensure that the proposed details will be considered by the COP TF.
●​ The request with then be evaluated by COP TF to fetch details on its minor or major
impacts on the scheme.
●​ Minor changes may be considered uncontroversial and technical, whereas major
changes that may affect the core of the scheme will require detailed consultation.
Decision-Making Process
& Public Consultation
For changes that are categorised as major, the COP TF may prepare a recommendation
and then initiate a public consultation process. In turn, this will allow participants and
stakeholders to provide feedback.
The feedback will then be analysed to bring to fruition the final changes. Then being
submitted to the PSMB who have the task of decision-making. Regardless of the outcome,
all the decisions and change requests will be published on the EPC official website for
better transparency.

5. On the other hand, changes that are considered of value can be immediately approved by
PSMB to prevent disruption of the scheme. Additionally, necessitated regulatory changes
pertaining to new or amended laws are subject to swift processing in cooperation with the
EPC Legal Support Group, to ensure there is no compliance delay.
Coming to an end!
Let’s take a moment to look back at the Verification of Payee Scheme Management. It has a
robust framework designed to efficiently execute and strengthen payment verification in the
EU.
Maintaining a clear structure for compliance, administration, and change management
ensures a responsive scheme management system in the evolving payment landscape.
Through transparency and collaboration, the Verification of Payee (VOP) scheme will
continue to strengthen the digitised payment system and safeguard the interests of its
stakeholders and participants.
To know more on how to secure your payments, get in touch with us today! We’re always
ready to assist you.