Global payments company ACI Worldwide has teamed up with Banfico, a fintech specialising in regulatory technology, global account verification and open banking solutions.
Through the partnership, ACI will support UK and European banks and payment service providers (PSP) to comply with mandates to offer Confirmation of Payee (CoP) and Verification of Payee (VOP) services.
The new European Instant Payment Regulation mandates the VOP service across all PSPs by October 2025. This service allows PSPs to verify account names and numbers before transfers, enhancing payment security throughout the Single Euro Payments Area and addressing the escalating threat of fraud, including Authorised Push Payments (APP) fraud.
Additionally, as a Pay.UK-certified CoP aggregator, Banfico empowers ACI to provide CoP services to both new and existing Faster Payments customers in the UK. CoP, a verification service for UK-based payments, ensures that consumers send payments to the correct recipient.
This enhanced verification not only prevents accidental transactions to unintended account holders but also adds an extra layer of security in combating fraud and identity scams.
The alliance
“Account verification services are a critical component of modern payment systems. VOP is a key requirement as part of Europe’s Instant Payment Regulation. Similarly, in the UK, most major banks and PSPs have implemented CoP to enhance payment security and reduce APP fraud,” said Nick Craig, head of Europe, ACI Worldwide.
“Partnering with Banfico enables ACI to support our customers to adhere to new market and regulatory requirements more swiftly and to make instant payments more secure.”
Kannan Rasappan, CEO of Banfico, also added: “We are excited about our partnership with ACI Worldwide; it combines the best of both worlds: ACI’s unrivalled capabilities in payments software technology, and Banfico’s expertise in account verification services.
“Our partnership with ACI Worldwide strengthens Banfico’s commitment to the UK and European market and will enable us to drive innovation in regulatory solutions for banks across the region.”
