Ozone API, UK-based fintech with the world’s leading open API platform, today launches a guide to support banks and PSPs through Verification Of Payee (VOP), ahead of the mandatory changes that need to be implemented by October 2025. 

The changes, announced by the European Payments Council in October 2024, will impact all banks and PSPs in the Single Euro Payments Area (SEPA), and are designed to reduce fraud and misdirected payments across the EU. This comes as 42% of financial institutions saw an increase in fraud in 2024 and digital payments have become the norm, with consumer and business demand for account-to-account (A2A) payments only increasing.  

With the implementation deadline of 9th October 2025 fast approaching, financial institutions and PSPs must decide whether to build in-house solutions or partner with third-party experts. This decision must consider the cost and complexity involved in building from scratch, from technical integration to operational impact and the cost of hiring dedicated teams and training staff.  

Ozone API’s guide breaks down the regulatory changes and what financial institutions and PSPs need to know to manage a smooth and compliant implementation of VOP, including:   

• Why Verification Of Payee needs to happen, and why now  
• A detailed summary of the changes  
• Compliance and implementation deadlines for Verification Of Payee  
• Going from achieving initial compliance to ongoing maintenance as regulations, standards and requirements evolve.