The European Payments Council (EPC) has recently announced the launch of the EPC Directory Service (EDS) delivery project, a significant development set to revolutionize the payment landscape in Europe. Swift, a renowned industry player, has been selected as the supplier for this cutting-edge project, following a rigorous Request for Proposal (RFP) process.
The EDS is poised to play a crucial role in enabling payment service providers (PSPs) to meet the requirements of the Instant Payment Regulation (IPR) by facilitating an IBAN-name check before processing payments. This service will also support the EPC Verification of Payee (VOP) scheme by ensuring seamless interoperability and connectivity among PSPs through a secure directory.
Giorgio Andreoli, the EPC Director General, expressed his enthusiasm for the collaboration with Swift, stating, “We are pleased to select Swift for the development and operation of the EDS platform, following a highly competitive RFP process. This agreement marks a significant milestone in advancing the VOP scheme, ensuring greater security and interoperability in payments across Europe.”
The EDS platform is scheduled to go live on 5 October 2025, coinciding with the implementation of the EPC VOP Rulebook. Technical guidelines for PSPs and Routing and Verification Mechanisms (RVMs) will be unveiled in February 2025 to provide a comprehensive framework for stakeholders.
Thomas Peeters, Head of Western Europe at Swift, emphasized the company’s commitment to supporting efficient EPC scheme operations through the EDS platform. He stated, “Swift has a long-standing reputation as a leading reference data provider. This directory service will enable efficient EPC scheme operations, including the VOP scheme, and assist PSPs in complying with the Instant Payments Regulation ahead of the deadline later this year.”
In conclusion, the EPC’s collaboration with Swift for the EDS project signifies a significant step towards enhancing security, interoperability, and efficiency in the European payment ecosystem. This innovative platform is poised to set new standards in the industry and pave the way for a more seamless payment experience for PSPs and consumers alike.
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Conclusion
In conclusion, the partnership between the European Payments Council and Swift for the EDS project marks a pivotal moment in the evolution of the European payment landscape. By prioritizing security, interoperability, and efficiency, this collaboration sets a new benchmark for industry standards and promises a more streamlined payment experience for all stakeholders involved.
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Frequently Asked Questions
- What is the significance of the EPC Directory Service (EDS) project?
The EDS project is crucial for enabling payment service providers to comply with the Instant Payment Regulation by facilitating an IBAN-name check before processing payments. - When is the EDS platform set to go live?
The EDS platform is scheduled to launch on 5 October 2025, alongside the implementation of the EPC VOP Rulebook. - What role will Swift play in the EDS project?
Swift has been selected as the supplier for the EDS project, responsible for its development and operation to ensure efficient EPC scheme operations and compliance with regulatory requirements. - How will the EDS platform benefit PSPs?
The EDS platform will support the EPC Verification of Payee scheme, ensuring interoperability and connectivity among PSPs through a secure directory, thus enhancing overall payment security and efficiency. - What technical guidelines will be published for PSPs and RVMs?
Technical guidelines for PSPs and Routing and Verification Mechanisms (RVMs) will be released in February 2025 to provide detailed instructions for stakeholders. - Who is Giorgio Andreoli?
Giorgio Andreoli is the EPC Director General and a key figure in overseeing the development and implementation of the EDS project. - What is the goal of the EPC VOP Rulebook?
The EPC VOP Rulebook aims to establish a standardized framework for payment service providers to ensure secure and efficient payment processing in compliance with regulatory standards. - How does the EDS platform support the VOP scheme?
The EDS platform enables PSPs to adhere to the VOP scheme by storing non-personal data, including PSP identification details, adherence to the VOP scheme, and API endpoints for seamless connectivity. - What is the Instant Payment Regulation (IPR)?
The Instant Payment Regulation (IPR) sets requirements for payment service providers to enable instant payments and ensure a secure payment environment for consumers and businesses. - How will the EDS platform impact the European payment ecosystem?
The EDS platform is poised to enhance security, interoperability, and efficiency in the European payment ecosystem, setting new standards and facilitating a more seamless payment experience for all stakeholders.
