Following this announcement, through the partnership with Banfico, ACI will support UK and European banks and payment service providers (PSP) in the process of complying with mandates to offer Confirmation of Payee (CoP) and Verification of Payee (VOP) services.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
The VOP service is a pan-European regulatory requirement that comes as part of the new European Instant Payment Regulation, which all PSPs must adhere to by October 2025. VOP was developed in order to enable PSPs to confirm account names and numbers prior to executing a transfer and is designed to enhance payment security across the Single Euro Payments Area (SEPA) and combat the growing threat of fraud, including Authorized Push Payments (APP).
At the same time, Banfico represents a Pay.UK-certified CoP aggregator, aiming to enable ACI to offer CoP solutions to new and already existing Faster Payments customers in the UK. CoP is an account verification/name-checking service for UK-based payments, and it was developed in order to provide consumers with optimised assurance that they are sending payments to the intended recipient. This extra security improves the way consumers avoid making accidental payments to the wrong account holder and provides another layer of protection in the fight against fraud and identity scams.
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