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The European Payments Council (EPC) has announced the launch of the EPC Directory Service (EDS) development project, selecting Swift as its supplier.
The agreement, finalised in late 2024, marks a significant step in supporting the EPC’s Verification of Payee (VoP) scheme.
It follows a request for proposal (RFP) process that ran through the second and third quarters of 2024, and subsequent approval by the EPC Board in September 2024.
The EDS will serve as a critical infrastructure for payment service providers (PSPs) working to comply with the EU’s Instant Payment Regulation (IPR), which is being rolled out throughout 2025.
“We are pleased to select Swift for the development and operation of the EDS platform, after a very competitive RFP process to which several relevant European and global suppliers of IT services participated,” said Giorgio Andreoli, director general of the EPC.
“This agreement marks a significant milestone in advancing the VOP scheme, ensuring greater security and interoperability in payments across Europe.”
Set to go live on October 5, 2025, alongside the EPC VoP Rulebook, the EDS will also support other EPC API-based schemes, including SEPA Request-to-Pay (SRTP) and SEPA Payment Account Access (SPAA).
Technical guidelines for PSPs and Routing and Verification Mechanisms (RVMs) will be published in February, as the EPC progresses towards implementation.
“Swift has a long-standing reputation as a leading reference data provider and we’re pleased to be using this experience in collaboration with the EPC,” said Thomas Peeters, head of Western Europe at Swift.
“This directory service will enable the efficient operation of EPC schemes, including Verification of Payee, and make it easier for PSPs to comply with the Instant Payments Regulation ahead of the deadline later this year.”
