The payment technology company ACI Worldwide has teamed with the fintech brand Banfico.
In a press release published on Thursday, February 6, by ACI Worldwide, it was noted that the mentioned partnership will allow this company to help banks and payment service providers in Europe and the United Kingdom to comply with mandates to offer confirmation of payee (CoP) and verification of payee (VOP) services.
VOP services is a pan-European regulatory requirement under the new European Instant Payment Regulation, which all payment service providers must adhere to by October. It allows the mentioned companies to confirm account names and numbers before carrying out a transfer and is designed to reduce the risk of fraud, including authorized push payments (APP) fraud.
The press release also noted that Banfico is a Pay.UK-certified CoP aggregator, enabling ACI to offer CoP services to new and existing Faster Payments customers in the United Kingdom. CoP, an account verification/name-checking service for UK-based payments, provides consumers greater assurance that they are sending payments to the intended recipient.
Additional security also helps consumers avoid accidentally making payments to the wrong account holder and provides extra protection against fraud and identity scams.
Nick Craig, head of ACI’s European operations, said account verification services are a critical component of modern payment systems. It was also noted that VOP is a key requirement as part of Europe’s Instant Payment Regulation. Moreover, Nick Craig underlined that in the UK, most major banks and PSPs have implemented CoP to enhance payment security and reduce APP fraud.
It’s worth noting that against the background of the active development of advanced technologies, including artificial intelligence, the issue of cybersecurity has become more urgent. This issue is particularly sensitive in terms of potential implications for the financial sector. In the corresponding context, it is worth noting that fraudsters have access to advanced technological tools, which is why their activities have become more sophisticated. To counteract the mentioned threat in cyberspace, personal awareness of users is important. For example, an Internet search query such as how to know if my camera is hacked will allow anyone to get information about signs of unauthorized access to the device.
