News and insights

Big changes are coming to Europe’s banking and payment service industry. The Instant Payments Regulation, proposed by the European Commission, will ensure around-the-clock and direct transactions in the eurozone. Countries outside the zone also must implement the new regulatory framework. On the one hand, it is a welcomed proposition, as it strengthens the European market and trading amongst its countries, businesses, and citizens. On the other hand, how can instant payments also become more secure when APP fraud is at a record high? And is it even possible to make such fundamental changes to the digital infrastructure and banks’ processes in such a short time? In this article, we dive deep into the Instant Payments Regulation and Confirmation of Payee, their background, benefits, challenges, and how to begin the work needed to solve them in time.

Big changes are coming to Europe’s banking and payment service industry. The Instant Payments Regulation, proposed by the European Commission, will ensure around-the-clock and direct transactions in the eurozone. Countries outside the zone also must implement the new regulatory framework. On the one hand, it is a welcomed proposition, as it strengthens the European market and trading amongst its countries, businesses, and citizens. On the other hand, how can instant payments also become more secure when APP fraud is at a record high? And is it even possible to make such fundamental changes to the digital infrastructure and banks' processes in such a short time?

This article aims to elucidate the concept of Confirmation of Payee (CoP) and its significance in ensuring secure financial transactions. It delves into the evolving landscape of CoP processes and highlights the necessary measures that financial institutions should adopt to stay ahead in safeguarding their payment offering.