EPC Requests Proposals For API Test Toolbox To Verify Payees
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
The European Payments Council (EPC) has reportedly issued a Request for Proposals (RFP) to create an API Test Toolbox for its Verification of Payee (VOP) scheme.
Reports revealed that this scheme will help Payment Service Providers (PSPs) in the European Union (EU) and European Economic Area (EEA) verify the identity of payees in instant credit transfers. According to EPC, the VOP scheme is set to begin on October 5, 2025.
The VOP scheme depends on APIs to allow PSPs to communicate. However, EPC revealed that this communication comes with challenges, such as ensuring that PSPs in different countries can work together without issues.
EPC Plans To Set Up A Reference API Test Environment
To solve these problems, the EPC stated that it plans to set up a reference API test environment. This environment will act as a platform where participants can test both server-side and client-side functions within the VOP scheme.
Additionally, EPC explained that it wants to develop a VOP API Reference Toolbox. This tool will help stakeholders check if they are following the VOP API standards correctly. EPC said this self-certification will make it easier for participants to ensure they meet the requirements.
According to reports, the RFP process started on December 23, 2024, and interested candidates will need to send their applications by January 17, 2025. EPC revealed that applicants must fill out a registration form to receive the RFP document and submit their proposals via email.
This move is reportedly a significant step in improving payment systems and supporting collaboration in the EU and EEA financial sectors. EPC stated that by enhancing the infrastructure for verifying payees, it aims to strengthen trust and efficiency in financial transactions.
On a different note, EPC also refers to Engineering, Procurement, and Construction, a project delivery model widely used in industries like oil and gas. According to reports oil and gas companies often rely on EPC contractors to handle large-scale and long-term projects. According to experts, these projects require skilled workers and careful management.
Matrix NAC Focuses On Project Planning, Modular Construction, And Accountability
Matrix NAC, an EPC contractor has reportedly been praised for its experience in oil and gas project management. Matrix NAC stated that its expertise includes planning before projects begin, using detailed work plans, and ensuring that project parts are constructed efficiently in modules.
The company emphasized its ability to complete projects smoothly while staying accountable to clients and stakeholders. According to reports, EPC projects in oil and gas cover many tasks, such as extracting, transporting, and storing resources like oil and natural gas.
Experts said that EPC contracting services offer several benefits. They help businesses by organizing infrastructure projects, keeping work on track, and ensuring companies can continue operations without delays.
At the end of an EPC project, the finished facility is reportedly handed over to the owner, ready for use.
These examples highlight how EPC approaches can benefit industries, whether in financial systems like VOP or infrastructure projects in oil and gas, as reported by industry experts.
