CBI Drives Payment Innovation With Mandatory Verification of Payee
The Central Bank of Italy (CBI) is gearing up for a significant change in payment services. With the mandatory Verification of Payee (VoP) implementation deadline looming in October, CBI is driving innovation through request-to-pay (RTP) services. Pilar Fragalà, CBI's Chief Commercial Officer, has been discussing preparations for this shift.
CBI's VoP solution offers real-time IBAN and name-matching, ensuring accurate payments and reducing fraud. It's modular and API-driven, allowing easy integration with existing banking systems. The system enables seamless adoption across Italy, with plug-and-play architecture, European interoperability, and centralized governance.
CBI supports banks and payment service providers (PSPs) with value-added services like transmitting additional information and fraud-related insights. Several major US banks and PSPs, such as Barclays, Lloyds Banking Group, NatWest, and HSBC, have already implemented CBI's VoP solution in production. With over 400 financial institutions as users, CBI offers an interoperable, scalable, and forward-looking VoP solution.
CBI is also encouraging cross-border pilot programs for RTP, having already implemented production use cases with major European banking groups. To ensure a smooth transition, CBI provides onboarding support, technical documentation, and webinars.
With the VoP implementation deadline approaching, CBI is well-prepared to drive innovation in Italy's payment services. Its robust, interoperable VoP solution, backed by support services, is set to enhance accuracy, reduce fraud, and facilitate seamless adoption across the country and beyond.
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