In recent years, the payments market has been marked by continuous dynamism, driven by disruptive innovations and the emergence of new paradigms based on open models. These technology-led changes have brought about a profound transformation in financial services, often described as a true revolution.
The Italian financial industry’s experience highlights the value of collaborative ecosystems, such as CBI, as the most effective means to achieve both regulatory compliance and ongoing innovation through collective action.
Liliana Fratini Passi, managing director of CBI
Liliana Fratini Passi, managing director at CBI, says the company – which has more than 450 financial institutions and payment service providers as customers – is committed to invest in integrated and sustainable technological innovation and digital skills, that contribute to a range of new value-added-services (VAS).
In this regard, over the years, CBI has developed several open banking and open finance services.
Enhancing security
Some of these services are the Check IBAN, Name Check CBI and CBI Safe Trade, all designed to combat frauds and deliver greater security. Moreover, these solutions are fully in line with the Sustainable Development Goals (SDGs) identified by the United Nations 2030 Agenda.
Name Check CBI (Verification of payee – VoP), is offered by CBI to mitigate fraud attempts, avoid misdirection of payments and enhance the stability of the financial market, for both retail and corporate customers.
This service is compliant to new requirements and legislations, more particularly, the Instant Payment Regulation, which defines that Instant credit transfers need to be accompanied by a ‘Verification of Payee’ service. It is offered by the payer’s PSPs to their users, both for domestic and cross-border payments in euro. In order to do so, payee’s PSPs will need to provide such service to the payer’s PSP according to the requirements defined in the Regulation.
Such innovation makes Name Check CBI unique as it enables a new way of conducting account holder checks to provide customers and businesses with greater assurance that payments are being sent to the intended payee. In essence, 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.
In today’s rapidly evolving market, where digitalisation plays a fundamental role, incumbents must embrace new forms of collaboration in an increasingly open landscape. By doing so, they can create innovative products that enhance user experiences beyond mandatory services.
Partnerships strengthening cross-border payment security
As a key facilitator of industry transformation, CBI has recently established partnerships in open finance, positioning itself as an API marketplace to further support the financial ecosystem. In October 2024, CBI partnered with SEPAmail to offer an interoperable solution aimed at combating fraud in the payments sector.
This collaboration enables the Italian and French communities, via their PSPs, to secure cross-border payments and meet the requirements of the Instant Payment Regulation. PSPs connected to this solution gain access to essential verification services, expanding a reliable VoP (Verification of Payee) solution across Europe.
This initiative enhances the security of SEPA Credit Transfers (SCT), Instant Payments (SCT Inst), and other value-added services, while also helping PSPs comply with regulatory standards. Developed in line with European standards, the solution offers a unified method for IBAN verification in financial transactions.
Additionally, CBI has formed a strategic international partnership with Banfico, a leading provider of technological solutions to over 200 financial entities across multiple markets. This collaboration focuses on sharing best practices in open finance and the VoP landscape, with the aim of enhancing PSPs’ value-added offerings and overall market efficiency.
The initiative aligns with open finance principles, fostering secure data exchange between financial institutions and third parties, while driving innovation, strengthening security, and ensuring compliance with evolving European regulations such as PSD3 and the Payment Services Regulation (PSR).
CBI remains committed to partnering with organisations that prioritise progress and interoperability, enhancing the efficiency and security of financial services worldwide.
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