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The EU's new Instant Payments Regulation (IPR) is reshaping how we handle payments and payment verifications. While these changes might seem daunting at first, they offer an optimal balance between security and business efficiency — the focus today is on organisations processing large payment volumes and the impact of VOP in the

Banks/PSPs typically use multiple customer/staff channels for initiating payment transactions (Mobile Banking, Internet Banking, Phone Banking, Branches, Host-to-Host, ERP etc.) and it is required to integrate each payment initiation channel with the VOP solution. Some of the channels are customer-facing and hence a prudent analysis & implementation are required to

Banfico Knowledge Series on Account Name Validation is an initiative where we share market updates and insights into specific areas related to Confirmation of Payee (CoP) & IBAN Name Check that are relevant to all market participants including banks, PSPs and corporates. 1. Understanding the scope of CoP Payments &

Banfico had meetings with many of the financial institutions in KSA on the Open Banking implementation in accordance with SAMA mandates. Banfico found many financial institutions leveraged IBM API Connect (APIC) using the standard OIDC Provider and deployed APIs based on the Open Banking UK Standards. These deployments also worked well

SAMA Open Banking Standards SAMA published the open banking standards on 02 Nov 2022. This has been a culmination of the hard work from all stakeholders including banks, fintechs, Saudi Payments and SAMA. A truly collaborative effort over a challenging timeline. Considering the SAMA’s current proposed regulatory technical standards; building

Background of CP22/2 Confirmation of Payee is a name checking service for UK-based payments which Pay.UK launched in 2020 and which has now been successfully implemented by more than 30 UK banks. It has also been recently awarded the “Consumer Anti-Fraud Solution of the Year” by the most recent Payment