A global account verification service for instant payee validation.

Banfico’s Verification of Payee service instantly verifies if the name of the payee’s account matches that of the name entered by the payer, assuring payers that payments are being sent to the intended person. By using our global account verification service, firms can reduce fraud, help eliminate misdirected payments and ensure compliance with the Verification of Payee mandate in the UK and Europe.

Benefits

Regulatory Compliance

Ensure full compliance with the UK’s mandate for Confirmation of Payee, as well as the European Verification of Payee.

Reduce Fraud & Misdirected Payments

By up to 81% and 67% respectively by using our Verification of Payee solution.

Increased Customer Satisfaction

Offer your customers increased assurance in the payment journey.

Single Integration

Our platform allows for a single API integration, giving you access to global account verification.

Features

Global Coverage

Our platform covers global jurisdictions, allowing you to verify payee details wherever they are.

End-to-End Delivery

Banfico offers complete support on the end-to-end delivery throughout your implementation journey and beyond.

Bulk Name Checks

Allows your institution to perform account verification checks on individual payees, as well as bulk name checks.

Competitive Pricing

Our competitive tailored pricing model ensures complete transparency and total cost of ownership.

Resources

Banfico Solving Verification
of Payee Challenges (opens in a new tab)
Banfico CoP Brochure (opens in a new tab)

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