CBI has announced a strategic partnership with Banfico, a fintech company specialising in open banking, open finance & account verification solutions. The collaboration aims to share best practices in the Open Finance and Verification of Payee landscape, with the final goal of enhancing payment service providers’ value-added offerings and overall financial market efficiency.
In particular, CBI’s VoP service, called Name Check, is designed to ensure that IBAN codes are correctly matched with the names of beneficiaries before payments are processed. This verification process is important in mitigating fraud, preventing payment errors and ensuring that funds are accurately directed to the intended recipients.
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The service provides a vital layer of security for financial transactions, helping to reduce the risk of fraudulent activity and accidental misdirection of payments. The solution is compliant with Instant Payment Regulation, supporting payment institutions to match the normative requirements.
This initiative aligns with the principles of Open Finance, enabling secure data exchange between financial institutions and third parties.
As part of its strategic initiatives, CBI has formed an international partnership with Banfico in order to promote the interoperability of Verification of Payee solutions across pan-European and cross-border markets.
Banfico, a provider of technological solutions to over 200+ financial entities across multiple markets, brings deep expertise in open data consents, payments, regulatory compliance, identity and access management and API management.
CBI is a public limited consortium company and benefit corporation. With more than 400 financial institutions and payment service providers as shareholders, CBI has played a role in the financial ecosystem for more than 30 years.
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By GlobalDataMoreover, the partnership is poised to strengthen security and ensure compliance with evolving European regulations, including PSD3 and the Payment Services Regulation (PSR).
