Blog - Banfico

Verification of Payee IPR Regulation & EPC Scheme – Timelines

Europe's payment landscape is entering a new era with the introduction of Instant Payments Regulation (IPR) and Verification of Payee (VOP) requirements. This initiative spans from early 2024 through 2027, establishing a unified approach to payee verification across the SEPA region. Here is a chronological timeline of important

EPC Verification of Payee (VOP)

Banfico Knowledge Series on EPC Verification of Payee is an initiative where we share market updates and insights into specific areas related to EPC Verification of Payee (VOP) that are relevant to all market participants including banks, PSPs, RVMs and corporates. 1. Channel Integration -

EPC VOP – A Guide to Name Matching Rules

Name matching is an important component of the European Payments Council (EPC) Verification of Payee (VOP) scheme, validating payee information before the payments are processed. Its accuracy directly impacts PSP’s fraud liability, customer experience, regulatory compliance, and market reputation, making it a strategic priority for

Bulk VOP Checks – What PSPs need to know

The EU's new Instant Payments Regulation (IPR) is reshaping how we handle payments and payment verifications. While these changes might seem daunting at first, they offer an optimal balance between security and business efficiency — the focus today is on organisations processing large payment volumes and the

Channel Integration – Key Challenge in VOP Implementation

Banks/PSPs typically use multiple customer/staff channels for initiating payment transactions (Mobile Banking, Internet Banking, Phone Banking, Branches, Host-to-Host, ERP etc.) and it is required to integrate each payment initiation channel with the VOP solution. Some of the channels are customer-facing and hence a prudent analysis

Banfico Knowledge Series: Account Name Validation Confirmation of Payee (CoP) / IBAN Name Check

Banfico Knowledge Series on Account Name Validation is an initiative where we share market updates and insights into specific areas related to Confirmation of Payee (CoP) & IBAN Name Check that are relevant to all market participants including banks, PSPs and corporates. 1. Understanding the

Banfico Establishes a New German Subsidiary to Support EU Banks with VoP & PSD3 Compliance

Banfico, a global leader in regulatory technology (RegTech), is proud to announce the launch of its new subsidiary, Banfico Europe GmbH, in Frankfurt, Germany. This strategic move strengthens Banfico’s commitment to the European market, enhances local operations, and drives innovation in regulatory solutions for banks

CBI and Banfico partner to expand global reach of Verification of Payee service

CBI, a fintech serving as an industry utility with over 30 years of experience, that develops digital infrastructures and services for financial institutions (FIs) and payment service providers (PSPs) to enhance their transaction banking, open banking, and open finance offerings, has announced a strategic partnership

Banfico and InfoCert announce exclusive partnership to offer Open Banking / PSD2 Certificates from Banfico’s OB Directory

Banfico Ltd, a leading Open Banking technology solution provider to banks and fintechs, has partnered with InfoCert S.p.A, the leading Certificate Authority at the European level, to bring enhanced security solutions to its OB Directory product. The OB Directory service by Banfico is already a

IBM API Connect in Saudi Open Banking Implementation

Banfico had meetings with many of the financial institutions in KSA on the Open Banking implementation in accordance with SAMA mandates. Banfico found many financial institutions leveraged IBM API Connect (APIC) using the standard OIDC Provider and deployed APIs based on the Open Banking UK Standards.