Essential Guide to Verification of Payee: Get Ready for the October 2025 Deadlines at NextGen Nordics!
As the deadline for Instant Payment Regulation approaches, Nordic banks and fintechs are gearing up for compliance. This transition is marked by both significant innovation and notable challenges within the financial landscape. While some institutions have already begun adapting their systems to the Voice of Payments (VoP), others are still in the planning or testing phases, highlighting the varied levels of preparedness across the region.
The Journey Towards Compliance
In the race to comply with the Instant Payment Regulation, the sentiment among Nordic financial institutions is one of cautious optimism. NextGen Nordics is spearheading efforts to support this transition, uniting industry stakeholders, regulatory bodies, and technology providers to facilitate the standardization and implementation of VoP throughout the region.
Creating a Harmonised VoP Process
Banks and fintech firms acknowledge the significance of the VoP framework in enhancing transaction security and reducing fraud. However, achieving alignment across the industry remains a work in progress, characterized by differing approaches:
- Banks: Generally adopt a conservative approach, concentrating on integrating VoP into their existing infrastructure.
- Fintechs: Embrace agility and innovation, advocating for customer-centric solutions that enhance user experience.
The challenge lies in finding a common ground that fosters collaboration among all players in the financial ecosystem. Industry groups, such as the Nordic Payments Council, are essential in bridging the gap between banks, fintechs, and regulators, promoting a unified approach to VoP implementation.
Standardisation of CoP and VoP Rulebooks
A pivotal aspect of implementing VoP successfully is the standardization of the Confirmation of Payee (CoP) and VoP rulebooks. These rulebooks establish the framework for real-time payee verification, and their alignment across various jurisdictions is vital for facilitating secure payment processing. As the compliance deadline approaches, stakeholders are eagerly awaiting clarity on the final versions of these rulebooks.
Nordic stakeholders are actively monitoring these developments and are committed to ensuring their systems align with the impending regulations. NextGen Nordics is set to offer guidance on navigating these regulatory changes, helping institutions meet the requirements of the Instant Payment Regulation with minimal disruption to their existing operations.
Join Us at NextGen Nordics 2025
To delve deeper into VoP and the Instant Payments Regulation, mark your calendars for NextGen Nordics 2025 in Stockholm on 29 April. This event presents a valuable opportunity to gain expert insights and network with industry leaders as the October 2025 deadline approaches. Register now to secure your spot. Bank representatives can attend for free, while tickets are available for software, IT, or consultancy providers serving financial institutions. Don’t miss out on this crucial event!
