On 9 October, in order to meet the European regulatory requirements of the Instant Payment Regulation, the French banking community affiliated with SEPAmail.eu launched a new service called Verification of Payee (VoP) via the DIAMOND 2 application.
This new solution from SEPAmail.eu, which enhances the trust, security and transparency of transfers (SCT and SCT Inst), has enabled its 157 members to offer an efficient service that, from day one, delivered 82% success rate on verification requests exchanged with its members in France and Europe, before reaching a level of 98%.
DIAMOND 2 in a few key figures:
This successful launch illustrates the commitment of SEPAmail.eu and STET teams, as well as all the banks in the SEPAmail.eu community and other European institutions who are members of the EPC’s VOP scheme.
A few adjustments were made to interoperability flows (non-SEPAmail) to round off this very positive overall assessment.
No impact was observed on the volume of transfers issued (SCT or SCT Inst), demonstrating the effectiveness of interbank dialogue and the quality of communications between SEPAmail.eu members and their customers.
We would like to thank the banking sector and our members for their cooperation, which has contributed to making this roll-out a collective success.
