TechnoXander 215 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.

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:

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 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:

Eligibility for Change Request Work

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.

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.

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