Blog - Banfico

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 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 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.

Saudi Open Banking Out-of-the-box solution

SAMA Open Banking Standards SAMA published the open banking standards on 02 Nov 2022. This has been a culmination of the hard work from all stakeholders including banks, fintechs, Saudi Payments and SAMA. A truly collaborative effort over a challenging timeline. Considering the SAMA’s current

CP22/2 – PSR CoP Consultation for UK-wide Rollout

Background of CP22/2 Confirmation of Payee is a name checking service for UK-based payments which Pay.UK launched in 2020 and which has now been successfully implemented by more than 30 UK banks. It has also been recently awarded the “Consumer Anti-Fraud Solution of the Year”

Banfico and Adorsys Announce Partnership in Open Banking

May 2022: Banfico, a niche Open Banking technology solution provider to banks and fintechs, and adorsys, a financial ecosystem integrator, are pleased to announce a value-added technical partnership agreement between the two companies. With more than 15 years’ experience supporting banks, insurance companies and TPPs

Arion Bank Chooses Banfico Open Banking Directory

Arion Bank, one of Iceland’s leading universal banking groups, has chosen the Banfico OB Directory Plus to support its Open Banking and PSD2 access-to-account compliance process. The new Act on Payment Services which transposes the Revised Payment Services Directive (PSD2) into Icelandic law, entered into force

OB Directory: Mitigating Open Banking Risk

Under the second EU Payment Services Directive (PSD2) and the UK’s Open Banking Regulation, banks are required to allow third parties with the appropriate payment services permissions to access their customer payment accounts and prevent access for organisations without these permissions. If banks fail to

The End of Modified Customer Interface (MCI) as Primary Open Banking Interface

On November 29, 2021, the Financial Conduct Authority (FCA) published a Policy Statement on “Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money’”, which provides information on the use of a Modified Customer Interface (MCI) following industry consultations. MCI Cannot Be