by BNP Paribas Taps Worldline to Fight IBAN Fraud in SEPA Direct Debits
French banking group, BNP
Paribas, has extended its partnership with Worldline, tapping the French
payments services provider’s open banking-based account validation technology
to reduce International Bank Account Number (IBAN) fraud in Single Euro
Payments Area (SEPA) Direct Debits (SDD) transactions.
SSD is an automated payment
method used to clear one-off or recurring invoices in SEPA through a signed
mandate. However, a report by the Bank of France highlights that fraudulent use
of IBAN during an SDD mandate signature process accounts for over 60% of frauds
in direct debits in recent years.
To address the situation, BNP
Paribas Cash Management said it has adopted Worldline’s account validation
solution into EasyCollect, the banking group’s existing white-label product for
SSD management.
According to the French banking giant, its integration of Worldline’s solution means
that it is about to set a new standard in the processing of SDD payments.
“By combining the e-signature of
SEPA mandates with account validation using Open Banking, Worldline enhances
its SEPA Payment Suite and proposes an innovative extension, using Strong
Customer Authentication and providing advanced security that eliminates the
risk of IBAN misuse during the mandate signature process,” Worldline explained
in a statement.
Worldline further noted that the
new integrated solution provides a secure, low-risk payment method to
businesses and merchants and offers “a better user experience” to consumers.
Worldline Consolidates Payments
Business
Worldline, founded in 1974, is a
long-time in the payments industry. The company says it powers the growth of
over one million businesses around the world and generated €4.4 billion in
revenue last year.
Finance Magnates reports that
during the last quarter of 2022, the French payments service provider’s revenue grew by 8.3% to €1.19 billion. The provider’s merchant services revenue also
jumped by 10.3% during the quarter.
In addition to its good financial
standing, Worldline is consolidating its business. In January, Dutch
international bank ING Bank N.V. tapped Worldine to handle its credit and debit card processing and
issuing in Belgium, the Netherlands, Luxembourg and Germany.
Moreover, in November last year,
Worldline agreed to acquire Italy’s Banco Desio’s merchant acquiring
activities for $100 million. The firm said the move is in line with its strategy to expand its merchant
services towards the South of Europe with a special focus on Italy.
FCA stops WealthTek; RoboForex increases partner commissions; read today’s news nuggets.
French banking group, BNP
Paribas, has extended its partnership with Worldline, tapping the French
payments services provider’s open banking-based account validation technology
to reduce International Bank Account Number (IBAN) fraud in Single Euro
Payments Area (SEPA) Direct Debits (SDD) transactions.
SSD is an automated payment
method used to clear one-off or recurring invoices in SEPA through a signed
mandate. However, a report by the Bank of France highlights that fraudulent use
of IBAN during an SDD mandate signature process accounts for over 60% of frauds
in direct debits in recent years.
To address the situation, BNP
Paribas Cash Management said it has adopted Worldline’s account validation
solution into EasyCollect, the banking group’s existing white-label product for
SSD management.
According to the French banking giant, its integration of Worldline’s solution means
that it is about to set a new standard in the processing of SDD payments.
“By combining the e-signature of
SEPA mandates with account validation using Open Banking, Worldline enhances
its SEPA Payment Suite and proposes an innovative extension, using Strong
Customer Authentication and providing advanced security that eliminates the
risk of IBAN misuse during the mandate signature process,” Worldline explained
in a statement.
Worldline further noted that the
new integrated solution provides a secure, low-risk payment method to
businesses and merchants and offers “a better user experience” to consumers.
Worldline Consolidates Payments
Business
Worldline, founded in 1974, is a
long-time in the payments industry. The company says it powers the growth of
over one million businesses around the world and generated €4.4 billion in
revenue last year.
Finance Magnates reports that
during the last quarter of 2022, the French payments service provider’s revenue grew by 8.3% to €1.19 billion. The provider’s merchant services revenue also
jumped by 10.3% during the quarter.
In addition to its good financial
standing, Worldline is consolidating its business. In January, Dutch
international bank ING Bank N.V. tapped Worldine to handle its credit and debit card processing and
issuing in Belgium, the Netherlands, Luxembourg and Germany.
Moreover, in November last year,
Worldline agreed to acquire Italy’s Banco Desio’s merchant acquiring
activities for $100 million. The firm said the move is in line with its strategy to expand its merchant
services towards the South of Europe with a special focus on Italy.
FCA stops WealthTek; RoboForex increases partner commissions; read today’s news nuggets.
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