Fintech Finance

APRIL 9, 2024

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.

Payee 52

Payee Verification Instant Payments Regulatory Compliance 52

Stax

MARCH 27, 2025

ACH payment is more affordable and can be automated and payee-initiated, making it ideal for recurring transactions and subscription payments. They check for fraud and fund availability (Verification) before depositing the money into your account (Completion). With other EFT methods, only the payer can send payment manually.

ACH 88

ACH Electronic Funds Transfer (EFT) Wire Transfer Wire 88

The Payments Association

DECEMBER 2, 2024

As part of this, PSPs are required to offer services that verify the payee’s identity before executing a credit transfer. This measure aims to enhance security and reduce fraud but requires PSPs to develop or integrate verification systems, potentially increasing operational costs.

Regulations 88

Regulations Instant Payments Consumer Protection Payments 88

The Paypers

JULY 17, 2023

Financial technology provider Bottomline has launched the Payer Name Verification service, which is an expansion of Confirmation of Payee (CoP).

Payer 36

Payer Verification Payee Technology 36

Fi911

MAY 22, 2024

A payment reversal is the process through which funds from a transaction are returned to the payer’s account. When a payment reversal occurs, the transaction is effectively undone, meaning that the payee loses the funds that were initially transferred, and the payer regains their money. What is a Refund?

Payer 104

Payer Address Verification System (AVS) Disputes Payee 104

Fintech Finance

MARCH 19, 2024

Swift, which built and runs the NPP, was chosen by Australian Payments Plus (AP+) to build confirmation of payee, which is a security measure that helps protect consumers from fraud by confirming the identity of the payee before a payment is made.

Payee 59

Payee SWIFT Payment APIs and Integration Cross-Border Payments 59

Fintech Finance

MAY 29, 2024

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.

Payee 52

Payee Fraud Detection Fraud Prevention Multi-Currency 52

Fintech Finance

APRIL 4, 2024

iPiD , a leading payment validation solutions provider, today announced the publication of a pivotal whitepaper, “Verification of Payee: The Race to Compliance,” authored by CEO Damien Dugauquier. The paper is now available on the iPiD website at www.ipid.tech/verification-of-payee-the-race-to-compliance.

Payee 40

Payee Service Provider Verification Compliance 40

Fintech Finance

JUNE 10, 2024

Eastnets, a global leader in compliance and payment solutions, has announced a strategic partnership with iPiD , a leading provider of beneficiary name and bank account verification services. Instant payments – which are irrevocable – demand enhanced verification processes to protect against fraud.

Payee 52

Payee Instant Payments Verification Payer 52

Fintech Finance

APRIL 11, 2024

Verituity , a leading provider of intelligent, verified payout solutions, today announced the integration of Mastercard Move , Mastercard’s portfolio of domestic and international money transfer solutions, into its payments platform, enabling near real-time payouts for commercial banks and payers.

Cross-Border 52

Cross-Border Visa Payee Near Real-Time 52

PYMNTS

DECEMBER 2, 2019

2) said Signicat will integrate SurePay’s bank account verification solution within Signicat’s Digital Identity Platform, allowing financial institutions and businesses in the Netherlands to automatically authenticate a payee’s identity with its bank account details.

Due Diligence 40

Due Diligence B2B Payee Payer 40

The Payments Association

OCTOBER 14, 2024

If an authority can unilaterally choose to lift the veil on the identity of the payer in a transaction, without asking the payer for permission, and without the possibility that the payer might decline, then the payer is not actually private, analogously to backdoors in encryption technology.

Privacy 88

Privacy Addressing CBDC Payer 88

EBizCharge

DECEMBER 18, 2024

Verification and validation Clearinghouses confirm the authenticity of all parties involved in a transaction through verification and validation. Card payment clearing: Facilitates credit and debit card transactions by ensuring funds are transferred from the payers bank to the payees account.

Facilitators 52

Facilitators Transactions Settlement Mitigation 52

Fintech Finance

MARCH 25, 2024

It has since launched numerous Open Banking products, including Confirmation of Payee (CoP), Payer Name Verification (PNV) and Account Information Services (AIS) solutions.

Government 52

Government Governance Payee Payer 52

PYMNTS

DECEMBER 10, 2019

The convergence of accounts payable (AP) and accounts receivable (AR) continues as banks and FinTechs collaborate on new solutions that pull double-duty, tackling friction for both payers and payees. AR Keeps AP Friction In Mind.

Payee 52

Payee Payer B2B Accounts 52

Nanonets

OCTOBER 23, 2023

Accounting and Reporting: After making the disbursement, the payer reconciles their financial records to ensure that the payment has been accurately recorded and that the account balances reflect the transaction.The disbursement is accounted for in financial statements and reports.   Record-Keeping: Accurate record-keeping is essential.

Electronic Funds Transfer (EFT) 52

Electronic Funds Transfer (EFT) Payer Payee Online and Mobile Banking 52

Neopay

NOVEMBER 27, 2023

Consultation process Comments to the consultation paper can be sent by clicking on the “send your comments” button on the EBA’s consultation page.

Money Laundering 52

Money Laundering Consulting Finance Travel Rule 52

M2P Fintech

MARCH 28, 2024

It leverages Aadhaar, a unique identification number, as the sole credential for user authentication and verification. It aims to streamline verification, enhance accuracy, and promote financial inclusion. Video KYC Video KYC is a remote identity verification process that leverages secure video conferencing technology.

FinTech 59

FinTech Online and Mobile Banking Push-to-Card Payer 59

Neopay

JULY 18, 2024

Source : European Banking Authority The post The EBA issues ‘travel rule’ guidance to tackle money laundering and terrorist financing in transfers of funds and crypto assets appeared first on Neopay.

Travel Rule 52

Travel Rule Money Laundering Rules Finance 52

EBizCharge

JUNE 19, 2024

Remittance advice documents generally consist of the following; The name and contact details of the payer The remittance advice date Payment amount and currency Payment method (e.g., Therefore, remittance advice should be seen as an informative document rather than a conclusive verification of completed payment.

Payer 52

Payer Reconciliation Correspondent Wire Transfer 52

PYMNTS

MAY 30, 2018

The participants used Oracle’s open banking API to develop a new series of API solutions that can be used for artificial intelligence, identity verification, credit scoring and other functions. Elsewhere, many banks and FinTechs are taking their own leaps into the open banking space, including U.K. mobile-only bank Yolt.

Payment APIs and Integration 52

Payment APIs and Integration ISO 20022 Interoperability NACHA 52

PYMNTS

JANUARY 14, 2020

But while the tool aims to offer an alternative to traditional payment rails, Murray explained it is not intending to challenge the banks by enabling payers and payees to transact without services of FIs. The service is developed on blockchain using stablecoin virtual currency pegged against the U.S.

Innovation 53

Innovation Cross-Border B2B Cross-Border Payments 53

Stax

MARCH 14, 2024

Payments work by giving the payer a link to complete the transaction. This would take them to the gateway where they can pay by credit card, Paypal, or other payment options the payee wishes to add. The business has to collect extra information from the payer to qualify for these levels.

B2B 88

B2B Process B2C Credit Cards 88

PYMNTS

JUNE 25, 2018

After all, companies often verify their users through data like home addresses, IP addresses or answers to security verification questions. That means anyone can use account takeovers to commit fraud. Recent breaches at big name companies have only made the problem worse, he added.

Account Takeovers 46

Account Takeovers Breach Compromise Payments 46

Nanonets

NOVEMBER 30, 2023

The centralized electronic document data is available for use in automated invoice verification, invoice matching, and getting vendor invoice approval for payment.  Fraudsters have expanded the frequency of stealing paper checks in the mail and washing checks to fraudulently revise payees and amounts and steal money from the payers.

Best Practices 52

Best Practices Accounts Automation Electronic Funds Transfer (EFT) 52

CB Insights

AUGUST 25, 2017

Blockchain could be used to create a more direct payment flow that connects payers and payees — across borders or domestically — without intermediaries, at ultra-low fees and almost instant speed. Gem is using Ethereum blockchain-enabled technology to create a secure, universal data-sharing infrastructure for the space.)

Blockchain 78

Blockchain Law Enforcement Bitcoin Transactions 78

The Payments Association

JANUARY 14, 2025

Mark O’Keefe (TPA) suggested that allowing customers to customise their security thresholdsfor example, setting transaction limits above which additional verification steps are triggeredcould empower users without compromising safety. “The idea is to eliminate the visibility gap,” she explained.

Fraud Prevention 88

Fraud Prevention Financial Crimes Crime Participant 88