ACI: ACI Worldwide and Banfico partner to enhance payment security and compliance

https://www.bobsguide.com/wp-content/uploads/2025/02/Bobsguide-article-images.jpgACI Worldwide, a leading global provider of real-time payments software solutions, has partnered with Banfico, a fintech specializing in regulatory technology and Open Banking solutions, to enhance payment security and compliance in the UK and Europe. This collaboration enables ACI to offer Verification of Payee (VOP) and Confirmation of Payee (CoP) services, helping banks and payment service providers comply with new regulatory requirements. The partnership will allow ACI's clients, including hundreds of payment service providers (PSPs) in Europe and the UK, to verify account names and numbers before executing transfers. This will enhance payment security and combat fraud, including Authorized Push Payments (APP) fraud. VOP is a pan-European regulatory requirement that all PSPs must adhere to by October 2025 as part of the new European Instant Payment Regulation. In the UK, most major banks and PSPs have implemented CoP, an account verification service for UK-based payments, to enhance payment security and reduce APP fraud. "Account verification services are a critical component of modern payment systems," 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, added, "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."The post ACI Worldwide and Banfico partner to enhance payment security and compliance appeared first on bobsguide.