The European Payments Council (EPC) has launched the delivery project for the EPC Directory Service (EDS) after selecting Swift to develop and operate the platform and signing an agreement at the end of 2024. The EDS is positioned as a core component for payment service providers (PSPs) participating in the EPC Verification of Payee (VOP) scheme, which is intended to support compliance with the Instant Payment Regulation requirement to offer an IBAN-name check before a payer authorises a credit transfer or instant credit transfer. Within the VOP scheme architecture, the EDS is designed to enable reachability and interoperability by securely storing and making available identification data on participant PSPs, their adherence to the VOP scheme and options, and API endpoints (URIs). Access is limited to authorised business users, including VOP scheme participants and Routing and Verification Mechanisms (RVMs) acting on their behalf. The EPC specifies that the EDS will not store personal data or IBANs and will be used for routing between business entities, and that it is intended to support other EPC API-based schemes including SEPA Request-to-Pay and SEPA Payment Account Access. The EPC expects the EDS platform to go live by 5 October 2025, alongside the entry into force of the EPC VOP Rulebook. The next phase includes publication of technical guidelines for PSPs and RVMs in February.

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