EPC Releases Version 2.0 of VOP Matching Guidance, Adding Character Set Rules and Name Conversion Steps
EPC Releases Version 2.0 of VOP Matching Guidance, Adding Character Set Rules and Name Conversion Steps #
The European Payments Council (EPC) has released version 2.0 of its recommendations for matching processes under the Verification Of Payee (VOP) scheme, formally designated EPC288-23, with new rules on character set handling and name preparation that payment service providers must apply before determining a match outcome.
Published on 3 November 2026, the updated document follows the 2026 change management cycle for the VOP scheme rulebook and the public consultation that ran alongside it. It accompanies version 1.1 of the VOP scheme rulebook, which came into effect on 20 September 2026.
The main additions in version 2.0 address character set requirements. Inter-PSP API messages are now required to use the limited Latin character set, and responding PSPs (the payee’s payment service provider) must convert any name stored in their systems into limited Latin before carrying out the matching comparison. The document also sets out how PSPs and Routing and/or Verification Mechanisms (RVMs) should handle messages that fall outside the limited Latin character set, including situations where a contractual arrangement permits the use of additional characters.
A second area of change covers joint account holders, where the existing Match scenario has been reworded to clarify how responding PSPs should assess the name provided by the initiating side of a transaction.
The recommendations cover the three possible outcomes a responding PSP can return: Match, Close Match, or No Match. They apply to accounts held by both natural persons and legal persons. The EPC says the guidance is designed to support consistent and user-friendly implementation of the VOP scheme across the eurozone.
The recommendations do not override individual provider judgement. Each responding PSP retains responsibility for the matching outcome it returns and may apply its own criteria alongside the EPC framework, which is a common reference point rather than a binding mandate.
The VOP scheme, established under the EU’s Instant Payments Regulation, requires payment service providers to verify that the payee’s name matches the account details provided before a credit transfer is authorised. The EPC’s matching guidance operates alongside the rulebook to help standardise how that verification is performed across different institutions and markets. The EPC has not specified a formal application date for EPC288-23 version 2.0 at the time of publication.
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