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In this regard, over the years, CBI has developed several open banking and open finance services. In October 2024, CBI partnered with SEPAmail to offer an interoperable solution aimed at combating fraud in the payments sector.
It also reduces costs through resource sharing, enhances system resilience, and supports economic inclusion by expanding access to financial services for underserved groups. From an open finance and data monetisation perspective, CBI has developed several value-addedservices (VAS) that render its clients even more competitive.
and CBI joins their IBAN-Name Check expertise at the service of their respective communities in order to offer an interoperable solution to fight against fraud. The IBAN Name Check – VoP Service, is designed to ensure that IBAN codes are correctly matched with the names of beneficiaries before payments are processed.
The verification of payee (VoP) requirement represents another challenge that must be addressed by October, adding further pressure to banks. Systems that verify the IBAN matches with the intended recipients name notably a feature not previously mandatory in SEPA credit transfers are now compulsory.
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