CBI Leads VoP Innovation, Driving Payment Security and Compliance
CBI, a leading provider of financial infrastructure solutions, is at the forefront of implementing an interoperable, scalable, and forward-looking Verification of Payee (VoP) system. With over 400 financial institutions as users, CBI is driving innovation in the payment landscape.
CBI's VoP solution is designed for operational excellence, offering a plug-and-play architecture that ensures European interoperability and centralized governance. It enables real-time IBAN and name-matching, reducing the risk of misdirected payments and enhancing anti-fraud capabilities. The platform also supports banks and payment service providers (PSPs) with value-added services, transmitting additional information like commercial trade names or fraud-related insights.
CBI is actively driving the adoption of VoP and request-to-pay (RTP) solutions. It has already implemented production use cases with major European banking groups and is encouraging cross-border pilot programs. The company's VoP system is modular and API-driven, enabling easy integration with existing banking systems. CBI provides onboarding support and technical documentation to facilitate this process.
In Germany, CBI is cooperating with various banks and PSPs to prepare for the mandatory implementation of VoP by October. Pilar Fragalà, Chief Commercial Officer at CBI, has shared insights on the Italian banking ecosystem's preparation for VoP implementation. CBI is also showcasing its solutions at Saibos in Frankfurt, engaging with international stakeholders to share insights on VoP and RTP developments.
With the October deadline for VoP implementation approaching, banks and PSPs are actively transitioning to ensure compliance. CBI's VoP solution, with its real-time matching capabilities and value-added services, is well-positioned to support the industry in meeting these regulatory requirements and enhancing payment security.
Read also:
- Regensburg Customs Crackdown Nets 40+ Violations in Hotel Industry
- Mural at blast site in CDMX commemorates Alicia Matías, sacrificing life for granddaughter's safety
- Germany Boosts EV Charging: 1,000 Fast-Charging Points on Motorways by 2026
- Albanese Invites LuLu Group to Australia as Free Trade Deal Takes Effect
