CBI and SEPAmail.eu Signed an Agreement to Set Up an Interoperable IBAN-Name Check – Verification of Payee (VoP) Solution

Digital Identity
09.10.2024 11:30 am

SEPAmail.eu and CBI joins their IBAN-Name Check expertise at the service of their respective communities in order to offer an interoperable solution to fight against fraud.

This partnership enables the Italian and French communities, via their PSP, to secure their cross-border payments in offering a high added-value service to meet the requirements of the Instant Payment Regulation and beyond.

The IBAN Name Check – VoP Service, is designed to ensure that IBAN codes are correctly matched with the names of beneficiaries before payments are processed. This verification process is crucial in mitigating fraud, preventing payment errors, and ensuring that funds are accurately directed to their intended recipients. This service provides an additional layer of security for financial transactions, thus helping to reduce the risk of fraudulent activity and accidental misdirection of payments.

Through this collaboration, PSPs connected to this interoperable solution will gain access to a crucial verification service. This joint initiative will expand, across Europe, a reliable VoP solution enhancing the security of SEPA Credit Transfers (SCT) and Instant Payments (SCT Inst) but also other value-added services.

The new service will help PSPs to comply with regulatory standards while strengthening the security of their payment systems. The interoperable solution, developed by CBI and SEPAmail.eu adheres to European standards and provides a unified method for verifying IBAN in financial transactions.

Liliana Fratini Passi, Managing Director of CBI, commented: “Through our partnership with SEPAmail.eu and their advanced secure messaging capabilities, CBI has taken a further step to expand the IBAN Name Check service, enabling reachability and interoperability between banks and fintechs across Europe. In an increasingly digital and interconnected world, where cyber scams and frauds targeting citizens and businesses are on the rise, we remain committed to providing our customers with the tools they need to conduct transactions securely and efficiently.”

Jacques Vanhautère, CEO of SEPAmail.eu, commented: “As the VoP provider within STET Group, SEPAmail.eu ambition is to offer a one stop shop solution to the banking community. Thanks to our agreement with CBI, we are building strong and performant interoperability between efficient schemes that other European communities will be able to rely on to comply with Instant Payment Regulation as of October 2025”