ACI Worldwide Partners with Banfico to Combat Payment Fraud
ACI Worldwide Partners with Banfico to Combat Payment Fraud
In a recent development in the fintech sector, ACI Worldwide has expanded its partnership ecosystem by collaborating with Banfico, a specialist in regulatory technology and account verification solutions. This strategic alliance aims to bolster the capabilities of UK and European banks and payment service providers (PSPs) as they comply with upcoming regulatory requirements.
Key Highlights of the Partnership
- Focus on Compliance: The collaboration is geared towards supporting the implementation of Confirmation of Payee (CoP) and Verification of Payee (VOP) services.
- Regulatory Deadline: VOP is a newly minted pan-European regulatory requirement under the European Instant Payment Regulation, with compliance expected by October 2025.
- Enhanced Security: The alliance intends to strengthen payment security measures and reduce the risk of Authorized Push Payment (APP) fraud across the Single Euro Payments Area.
Importance of Verification Services
As the digital payment landscape evolves, ensuring transaction security is paramount. VOP services are designed to confirm that account details match the recipient's identity, thus minimizing fraud risks. Key benefits include:
- Improved trust among consumers in electronic payments.
- Compliance with new regulations to avoid potential penalties.
- Enhanced security measures through rigorous account verification processes.
ACI Worldwide's Role
ACI Worldwide is a renowned player in the digital payments ecosystem, processing account-to-account transactions for hundreds of PSPs across Europe and the UK. This partnership with Banfico is expected to allow ACI to:
- Meet growing market and regulatory demands more effectively.
- Leverage Banfico's expertise in regulatory technology to fortify security protocols.
ACI’s robust solutions will provide PSPs with the tools necessary to navigate the increasingly complex regulatory environment with confidence.
Conclusion
In conclusion, ACI Worldwide's partnership with Banfico is a significant stride towards enhancing payment security in Europe. As banks and payment service providers prepare for the October 2025 compliance deadline, this collaboration will play a crucial role in mitigating fraud risks and ensuring consumer trust in electronic payments. Through innovative solutions and a commitment to regulatory adherence, this partnership reflects the ongoing evolution of the fintech landscape.
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