Fintech company CBI , which specialises in providing digital infrastructures for financial institutions, has entered into a strategic partnership with Banfico . Banfico specialises in Open Banking, Open Finance, and account verification solutions.

The partnership aims to share knowledge and improve solutions in the Open Finance and Verification of Payee (VoP) fields, ultimately aiming to boost the efficiency of financial services. CBI's Verification of Payee service One key element of the collaboration is CBI’s VoP service, known as Name Check. This service ensures that the International Bank Account Numbers (IBANs) match the names of beneficiaries before payments are processed.

By verifying these details in advance, the service helps prevent fraud, payment errors, and misdirected funds. Additionally, it supports compliance with Instant Payment Regulation, assisting payment institutions in meeting regulatory standards. As part of the partnership, CBI and Banfico are working to enhance the interoperability of VoP solutions across both European and cross-border markets.

Banfico, which provides technology to over 200 financial entities globally, contributes its expertise in areas such as regulatory compliance, open data consents, and identity management. The collaboration is expected to support the broader goals of Open Finance, including secure data exchange between financial institutions and third-party providers. The partnership also addresses the evolving regulatory landscape in Europe, including the proposed updates under PSD3 and the Payment Services Regulation (PSR).

Other developments from Banfico In May 2023, Banfico partnered with Certificate Authority InfoCert, to bring security solutions to its OB Directory product. At the time, the OB Directory service by Banfico was already a trusted solution used by financial institutions in Europe for validating Open Banking certificates and conducting real-time checks of Third-Party Provider (TPP) regulatory status. The partnership allowed both banks and TPPs to request and manage their Open Banking certificates (be it QWAC/QSealC or OBWAC/OBSealC) through the Open Banking Directory while ensuring regulatory compliance and secure data transmission during financial transactions in Europe.

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