The European Payments Council (EPC) has launched the EPC Directory Service (EDS) delivery project, selecting Swift as the supplier for its development and operation.

The agreement follows a Request for Proposal (RFP) process in mid-2024 and approval by the EPC Board in September 2024.

The EDS is vital for payment service providers (PSPs) to comply with the Instant Payment Regulation (IPR) by enabling an IBAN-name check before authorising payments.

It supports the EPC Verification of Payee (VOP) scheme by ensuring interoperability and connectivity among PSPs through a secure directory.

The EDS will store non-personal data, including PSP identification details, adherence to the VOP scheme, and API endpoints.

It will also support other EPC API-based schemes, such as SEPA Request-to-Pay (SRTP) and SEPA Payment Account Access (SPAA).

Giorgio Andreoli, EPC Director General, said:

“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 set to go live on 5 October 2025, alongside the implementation of the EPC VOP Rulebook.

Technical guidelines for PSPs and Routing and Verification Mechanisms (RVMs) will be published in February 2025.

Thomas Peeters, Head of Western Europe at Swift, added:

“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.”

Featured image credit: edited from freepik