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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.
Form3 , the cloud-native account-to-account platform, today announces that Currencycloud , a Visa solution focusing on simplifying business in a multi-currency world, has selected them to provide account verification technology to support Confirmation of Payee (CoP) activity, designed to reduce fraud in the UK.
Tokens are powerful precisely because they represent value independent of identity and enable transactions without reference to some history that will ultimately rely upon records held and maintained by third parties whose involvement invariably carries a price, one that the provision of value-addedservices might not mitigate.
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