Latest news with #InstantPayments
Finextra
2 days ago
- Business
- Finextra
Changing Regulatory Perceptions: Towards Strategy & Collaboration
Joining the FinextraTV studio at EBAday 2025, Liliana Fratini Passi, Managing Director, CBI shared her insights surrounding a key conversation at the event: regulatory compliance. Fratini Passi shared a belief that the perception of regulation is moving toward one of a strategic driver as opposed to an obstacle or inconvenience. Touching on Instant Payments in particular, Fratini Passi said that the approaches have drastically changed in recent times but that, in her opinion, the most successful ones tend to be those a collaborative nature.
Finextra
4 days ago
- Business
- Finextra
Accept/Pay Global launches real-time payments with Interac
Accept/Pay Global (APG) today announced the launch of its Real-Time Payments with Interac product, enabling businesses across Canada to send and receive payments instantly and securely using Interac e-Transfers. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Enterprise customers and financial platforms looking to streamline collections and disbursements can now integrate with our API to deliver speed, convenience, and reliability in payments. The solution is now available to all Canadian enterprises, with a particular focus on high transaction volume use-cases in lending, earned wage access, and insurance. Gajen Pararajalingam, COO of Accept/Pay Global said, "Real-time payments are table stakes for delivering superior customer experiences - whether you're funding a loan, processing payroll, or settling claims. Our Interac-powered solution allows clients to move funds instantly to any Canadian bank account, securely and at scale." The Real-Time Payments with Interac product is designed to support: Instant loan disbursements for online and alternative lenders Real-time payroll and earned wage access (EWA) programs for on-demand payments Claims and customer payouts for insurance providers Faster B2B settlements and vendor payments Accept/Pay Global's API-driven platform enables seamless integration of real-time payments into existing business systems — supporting full audit trails, reporting, and automated reconciliation. Key Benefits: Instant Payments to any Canadian bank account via Interac Enterprise-grade API integration for automated payouts at scale 24/7/365 availability, including evenings, weekends, and holidays Real-time visibility into payment status and delivery Built-in compliance and fraud monitoring for regulated industries "With Accept/Pay Global's Real-Time Payments with Interac, our clients can give their customers exactly what they expect — instant access to funds," added Gajen. "We're excited to help businesses modernize their payment infrastructure and unlock new competitive advantages." Real-Time Payments with Interac is now live and available to Accept/Pay Global customers across Canada. The solution is offered as a standalone API product or as part of APG's broader electronic funds transfer (EFT) and digital payments platform.
Finextra
4 days ago
- Business
- Finextra
Instant Payments Regulation: Facing the Skeletons in the Closet
Joining the FinextraTV Studio during EBAday 2025 were Serge Wagener, Member of the EBA Board and Chair of the EBA Practitioners Group on Instant Payments and Annick Moes, Head of Industry Issues, Cooperation Initiatives and Communications, EBA. Both Wagener and Moes pointed out ongoing challenges in implementing the Instant Payments Regulation (IPR), such as delivering Verification of Payee for bulk payments. Referencing their newest publication, they stressed how EBAday gave experts the opportunity to bring out the skeletons from the closet and discuss their implementation concerns with peers.
Finextra
10-06-2025
- Business
- Finextra
IFX Payments selects Form3 for Verification of Payee
IFX Payments, a service-led alternative banking partner, today announces it will be using Form3's Verification of Payee (VoP) solution for SEPA account, strengthening its defences against payment fraud and aligning with the Instant Payments Regulation mandate. 0 Ahead of the Verification of Payee (VoP) scheme going live in October 2025, implemented by The European Payments Council, IFX Payments will now be able to verify payees before payments are executed. The VoP scheme is designed to reduce fraud and payment errors by verifying that the payee's name matches their PSP's records for the given IBAN. This occurs before the payment is executed, providing additional assurance that the funds are being sent to the correct account holder. Form3's solution will ensure that IFX Payments is compliant with the Instant Payments Regulation for its SEPA Credit Transfer and SEPA Instant Payments, offering its customers enhanced protection against authorised push payment (APP) fraud and payment errors. The Form3 VoP solution is underpinned by a single API designed to integrate seamlessly into existing infrastructure, allowing customers to meet regulatory requirements while focusing on growth, to improve the overall customer experience. The solution has been designed with compliance in mind for customers. Form3's fully managed service delivers compliance with regulations such as IPR and PSD3. A key selling point is that Form3 provides rolling scheme updates - without service interruption. Today's announcement marks the third Form3 product that IFX Payments has adopted, having previously integrated Confirmation of Payee (CoP) and SEPA Credit Transfer into its customer offering. Mike Walters, CEO, Form3, says: 'We're proud to be working with IFX Payments, a forward-thinking global organisation at the forefront of FX and payments. Their decision to adopt our VoP solution marks this as the third Form3 product that IFX Payments has signed up to - highlighting the strength of our ongoing partnership and their commitment to growth.' Rosie McConnell, Product Director, IFX Payments, comments: 'We chose Form3's VoP solution because of its seamless fit with our existing compliance infrastructure. Having a dedicated onboarding team has been invaluable, allowing us to continue focusing on what matters most: delivering a secure, reliable, and fully compliant payment experience for our customers. We're happy to be building on our partnership with Form3.'
Finextra
10-06-2025
- Business
- Finextra
Banfico becomes the first Routing and/or Verification Mechanism certified by the EPC for VoP
Banfico, a leading global fintech specialising in account verification solutions, has become the first Routing and/or Verification Mechanism (RVM) to achieve full qualification status in the European Payments Council's (EPC) Verification of Payee (VOP) scheme. 0 This milestone achievement positions Banfico at the forefront of the European payments ecosystem as the industry prepares for the Instant Payments Regulation (IPR) compliance deadline of 9 October 2025. The VOP scheme has attracted over 70 RVMs to support the market-wide implementation of verification of payee services, with the community working on an exceptionally tight timeline. Banfico's achievement of full qualification on 5 June 2025 represents a critical milestone in ensuring timely VOP delivery to Payment Service Providers (PSPs) across Europe. Comprehensive Qualification Achievement Banfico's full qualification encompasses passing all functional tests within the EPC's API Reference Toolbox (ART), obtaining self-certification status, and successfully implementing EPC Directory Service (EDS) integration. The EDS is now fully integrated as a cache service, enabling scheme participants to make API and web-based updates to operational data within the directory. "Achieving this industry-first qualification demonstrates our commitment to supporting the European payments ecosystem through this critical transformation," said Paulo Barbosa, COO at Banfico. "Our early qualification enables us to support PSPs in meeting their regulatory obligations whilst ensuring robust, secure verification services." Production Readiness and Market Support Looking ahead, Banfico is collaborating with other leading RVM partners to conduct comprehensive buddy testing for PSP clients. Upon completion of this testing phase, Banfico will be fully production-ready to support the scheme's go-live date of 5 October 2025. Beyond its RVM qualification, Banfico offers a comprehensive suite of VOP implementation solutions, including VOP RVM services, VOP Conformance Testing, and VOP Service Management. Notably, Banfico's conformance testing capabilities extend beyond the scope of the EPC's API Reference Toolbox, providing enhanced validation for PSP VOP implementations.
