CBI Boosts Cross-Border Payments: Mandatory VoP Implementation by October
The Central Bank of Ireland (CBI) is supporting banks and payment service providers (PSPs) with value-added services, including the Verification of Payee (VoP) solution. This initiative aims to enhance cross-border payments and reduce fraud risks, with a mandatory implementation deadline in October.
CBI's VoP solution offers real-time IBAN and name-matching, ensuring accurate results and minimizing misdirected payments and fraud. With over 400 financial institutions as users, CBI provides an interoperable, scalable, and forward-looking solution.
The modular and API-driven architecture of CBI's VoP allows easy integration with existing banking systems. The company offers onboarding support and technical resources to facilitate this process.
Request-to-pay (RTP) is particularly valuable for sectors like utilities, insurance, and e-commerce, where timely reconciliation and payment certainty are crucial. CBI is driving innovation through RTP, enabling businesses to send structured payment requests to end-users via their banking or mobile applications.
CBI's Chief Commercial Officer, Pilar Fragalà, shared insights on the Italian banking ecosystem's preparation for VoP implementation. The company has already implemented production use cases with major European banking groups and encourages cross-border pilot programs to expand RTP adoption.
CBI's VoP solution, with its seamless adoption across Italy and European interoperability, is set to enhance cross-border payments and reduce fraud risks. As the October deadline approaches, banks and PSPs are transitioning to ensure compliance with the mandatory implementation.
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