Verification of Payee: how treasurers are driving changes to the rules on bulk payments
The EU’s Verification of Payee (VoP) service aims to improve fraud prevention during credit transfers. Unfortunately, it can also disrupt corporates’ pre-authorized payment flows. With the support of the European Association of Corporate Treasurers (EACT), treasurers have suggested some adjustments to the European Commission to avoid a widespread corporate opt-out from the service. In this interview Hervé Postic, CEO of Mahouarn, who has been appointed by the Association Française des Trésoriers d’Entreprise (AFTE) to act as a voice for French treasurers, explains the problems and the changes that treasurers are proposing.