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The Italian financial industrys experience highlights the value of collaborative ecosystems, such as CBI, as the most effective means to achieve both regulatorycompliance and ongoing innovation through collective action. It is offered by the payers PSPs to their users, both for domestic and cross-border payments in euro.
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.
With impending regulatory changes from the UK Payment Systems Regulator (SD17) and EU legislation on Instant Payments, data and security (PSD3), it is imperative that financial institutions have Verification of Payee (EU) and Confirmation of Payee (UK) solutions in place.
EBA CLEARING has announced that it will provide its service users with Verification of Payee at a pan-European level as from December 2024. The roll-out of Verification of Payee is one element in the comprehensive preparation programme that the Company is engaging in with its user community to take instant payments to the next level.
Along with snowballing revenues, Clear Junction proudly serves in over 100 countries and territories, processes over €50 billion volume of payments every year, is trusted by over 300 clients globally, supports more than 10 million end customers with its virtual IBANs, and employs more than 130 employees – a 20% growth from last year.
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