Banfico Knowledge Series on Account Name Validation is an initiative where we share market updates and insights into specific areas related to Confirmation of Payee (CoP) & IBAN Name Check that are relevant to all market participants including banks, PSPs and corporates. 1. Understanding the scope of CoP Payments & Account Types 2. PSR Policy Statement PS23/3 – APP Fraud New Reimbursement Requirement 3. CoP Integration: Tactical vs Full Implementation Options 4. CoP Direct Participant vs Aggregator Models Share your preference to Pay.UK 5. Enabling CoP Checks for Corporate Channels 6 ..read more

Banfico Knowledge Series on Confirmation of Payee (CoP) is an initiative where we share market updates and insights into specific areas related to CoP that are relevant to all market participants including banks, PSPs and corporates. Below is the list of the topics covered. CoP Knowledge Series 1: Understanding the scope of CoP Payments & Account Types CoP Knowledge Series 2: PSR Policy Statement PS23/3 – APP Fraud New Reimbursement Requirement CoP Knowledge Series 3: CoP Integration: Tactical vs Full Implementation Options CoP Knowledge Series 4: CoP Direct Participant vs Aggregator Mode ..read more

Banfico Ltd, a leading Open Banking technology solution provider to banks and fintechs, has partnered with InfoCert S.p.A, the leading Certificate Authority at the European level, to bring enhanced security solutions to its OB Directory product. The OB Directory service by Banfico is already a trusted solution used by some of the biggest financial institutions in Europe for validating open banking certificates and conducting real-time checks of Third Party Provider (TPP) regulatory status. This partnership will allow both banks and TPPs to request and manage their open banking certificates ..read more

Banfico had meetings with many of the financial institutions in KSA on the Open Banking implementation in accordance with SAMA mandates. Banfico found many financial institutions leveraged IBM API Connect (APIC) using the standard OIDC Provider and deployed APIs based on the Open Banking UK Standards. These deployments also worked well in the ecosystem with partner fintechs (TPPs). Banks felt confident that they are ready for the Saudi Open Banking implementation.  However, with the publication of Open Banking Framework (OBF) by SAMA, the APIC-based implementation was not complian ..read more

SAMA Open Banking Standards SAMA published the open banking standards on 02 Nov 2022. This has been a culmination of the hard work from all stakeholders including banks, fintechs, Saudi Payments and SAMA. A truly collaborative effort over a challenging timeline. Considering the SAMA’s current proposed regulatory technical standards; building a fully compliant solution in the mandated timeline could be a challenge. Hence, Banfico would like to offer its “open banking compliance” as an “out-of-the-box solution”. Fully KSA OB Compliant The “Out of the box” solution is fully compliant with SAMA ..read more

Background of CP22/2 Confirmation of Payee is a name checking service for UK-based payments which Pay.UK launched in 2020 and which has now been successfully implemented by more than 30 UK banks. It has also been recently awarded the “Consumer Anti-Fraud Solution of the Year” by the most recent Payment Awards 2021 and recognised as the category winner under the “Best Industry Innovation” category by The Card & Payments Awards 2022.  The Payments Service Regulator (PSR) has arrived at the following conclusions after analysis of CoP results and anecdotal evidence of existing CoP parti ..read more

May 2022: Banfico, a niche Open Banking technology solution provider to banks and fintechs, and adorsys, a financial ecosystem integrator, are pleased to announce a value-added technical partnership agreement between the two companies.  With more than 15 years’ experience supporting banks, insurance companies and TPPs to embark on digital transformation projects, adorsys has built up a vast network to key industry players.    Founded in 2017, Banfico has also successfully delivered Open Banking solutions in the UK, Europe, and Brazil. The new collaboration provides acces ..read more

Arion Bank, one of Iceland’s leading universal banking groups, has chosen the Banfico OB Directory Plus to support its Open Banking and PSD2 access-to-account compliance process.   The new Act on Payment Services which transposes the Revised Payment Services Directive (PSD2) into Icelandic law, entered into force in November 2021 and will take full effect in May 2022. After full implementation, banks and third party providers (TPPs) will be authorised to access customer bank accounts to initiate payments and provide banking data-related services given the customer’s permission.&nb ..read more

Under the second EU Payment Services Directive (PSD2) and the UK’s Open Banking Regulation, banks are required to allow third parties with the appropriate payment services permissions to access their customer payment accounts and prevent access for organisations without these permissions. If banks fail to properly authenticate these third parties, they risk authorising fraudulent transactions or unauthorised data sharing and subsequent claims under PSD2 or the General Data Protection Regulation (GDPR). Increasing Open Banking adoption Nowadays, Open Banking transactions are a reality and ar ..read more

On November 29, 2021, the Financial Conduct Authority (FCA) published a Policy Statement on “Changes to the SCA-RTS and to the guidance in ‘Payment Services and Electronic Money’”, which provides information on the use of a Modified Customer Interface (MCI) following industry consultations.  MCI Cannot Be The Primary Interface for Open Banking  In its Policy Statement, the FCA has confirmed that banks, Electronic Money Institutions (EMIs) and Payment Service Providers (PSPs) should put in place an application programming interface (API) solution by May 2023. However ..read more