BNP Paribas and Worldline to reduce SEPA Direct Debit fraud

BNP Paribas has implemented Worldline’s solution, that combines the electronic signature of SEPA mandates with Open Banking-based account validation, in Germany, Italy, and France, with additional countries to follow in a few months.

Using Open Banking for more security

In order to prevent the risk of a fraudulent use of someone else’s IBAN during the mandate signature process, a pattern that was responsible for over 60% of defrauded direct debits, BNP Paribas Cash Management is the first to implement Worldline's Account Validation solution into its existing white-label product named EasyCollect. In doing so, BNP Paribas secures a first-mover advantage and is about to set a new standard in setting up SEPA Direct Debit payments.

By combining the e-signature of SEPA mandates with account validation using Open Banking, Worldline enhances its SEPA Payment Suite and proposes an innovative extension, using Strong Customer Authentication and providing advanced security that eliminates the risk of IBAN misuse during the mandate signature process.

Augmenting consumer experiences

Not only will companies and merchants benefit from this solution as it is a secure and low-risk payment method, but the consumer will also benefit from a better user experience.

Officials from BNP Paribas said that they were seeking an innovative solution to reduce IBAN fraud in SEPA Direct Debits. They found it with the new account validation functionality of Worldline’s SEPA Payment Suite which is based on innovative technologies through Open Banking opportunities. By implementing it in their existing SEPA Mandate and Direct Debit solution EasyCollect, the risk of SDD fraud will be reduced and customer loyalty will be strengthened.

Worldline’s representatives added that as one of the largest Open Banking providers, they are continuously working on innovative solutions that help customers to grow and improve their business. They look forward to continuing their long-term partnership with BNP Paribas Cash Management and further build on future products and initiatives.

What does Worldline do?

Worldline helps businesses of all shapes and sizes to accelerate their growth journey. With advanced payments technology, local expertise, and solutions customised for hundreds of markets and industries, Worldline powers the growth of over one million businesses around the world. The company generated a EUR 4.4 billion revenue in 2022.

For more information about Worldline, please check out the company profile in The Paypers Company Database.