Banfico’s Verification Of Payee (VOP) solution aims to help banks in Europe reduce fraud, eliminate mis-directed payments and comply with the EU regulation related to verification of payee (Regulation (EU) 2024/886)
LOCATION, Date London, 19-Dec-2024 – Banfico Ltd, a leading provider of Open Banking and Account Verification Services, today announced their Verification Of Payee Solution is available on the Temenos Exchange partner ecosystem of fintech solutions.
The Verification Of Payee Solution provides assurance to payers that the payments are being sent to the intended beneficiary (natural person or companies). This helps reduce fraud, eliminate misdirected payments and ensure compliance with the verification of payee mandate in the EU, UK and other geographies where the solution is offered. The verification of payee availability on Temenos Exchange will allow banks to offer this as an overlay service on top of the payment processing capabilities of Temenos’ core banking solution.
On the Temenos Exchange, Banfico joins a selection of curated and assessed technology solution providers that help banks innovate faster.
Martin Bailey, Director of Innovation and Ecosystems, Temenos, said: “We are excited to welcome Banfico to Temenos Exchange, making their verification of payee solution readily available to banks globally running on our platform. Our Exchange partners deliver innovative fintech solutions, empowering our customers to enhance their services while reducing development costs.”
Kannan Rasappan, CEO of Banfico said “Banfico’s Verification Of Payee solution is part of the Global Account Verification Services that offers Name Check and Account Verification Services for accounts not only in Europe, but across the globe. We strongly believe that making it available on the Temenos Exchange will help Temenos’ customers in Europe and across the globe be able to consume our service efficiently.”
“Banfico’s availability on Temenos Exchange further extends our commitment to the banking community and enables Temenos customers to easily reap the benefits of our accounts verification service and verification of payee. We look forward to leveraging the power of the Temenos platform to help us achieve our business goals.”
About Banfico
Banfico is a global leader in Open Banking and Verification of Payee, with offices across the UK, Germany, Brazil, India and Saudi Arabia.
Our cutting-edge solutions leverage state-of-the-art identity management, security, API management and cloud technologies, with our SaaS offerings undergoing rigorous regulatory audits by top-tier financial institutions for performance, security and business continuity.
We deliver industry-leading solutions, including Confirmation of Payee in the UK, Verification of Payee across Europe, Open Banking Compliance, Open Banking Aggregation, and a pan-European Open Banking Directory service. Trusted by over 200 entities in 14 countries, Banfico works with enterprise banks and institutions to navigate complex regulatory landscapes and implement technically robust solutions.
Drawing on our deep expertise and extensive global experience, Banfico is committed to unlocking customer benefits through improved data access, driving economic growth and innovation in financial services.