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In this regard, over the years, CBI has developed several open banking and open finance services. Name Check CBI (Verification of payee VoP), is offered by CBIto mitigate fraudattempts, avoid misdirection ofpayments and enhance the stability of the financial market, forbothretailand corporatecustomers.
In response, 96% of US banks back the implementation of a ‘confirmation of payee’ scheme to protect against fraud. Interoperability interest is high, but action is low – While 92% of banks are considering interoperability and 52% are strongly considering it, very few (2%) have started their journey.
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. Through this collaboration, PSPs connected to this interoperable solution will gain access to a crucial verification service. SEPAmail.eu
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.
In response, 96 per cent of US banks back the implementation of a confirmation of payee scheme to protect against fraud. Interoperability interest is high, but action is low While 92 per cent of banks are considering interoperability and 52 per cent are strongly considering it, very few (two per cent) have started their journey.
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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