ACI Worldwide and Banfico: A Powerful Alliance Against APP Fraud

ACI Worldwide (NASDAQ:ACIW), a global leader in payments technology, has recently extended its fintech partnership ecosystem by teaming up with Banfico, a leading fintech specializing in regulatory technology, global account verification, and Open Banking solutions. This strategic alliance aims to combat the growing threat of Authorized Push Payment (APP) fraud in Europe and the UK.

The partnership between ACI Worldwide and Banfico is a significant step towards enhancing the security of real-time payments. By integrating Banfico's account verification services with ACI Worldwide's payment software technology, the two companies are addressing key regulatory requirements such as Confirmation of Payee (CoP) and Verification of Payee (VOP). These services help prevent APP fraud by enabling PSPs to confirm account names and numbers prior to executing a transfer, ensuring that payments are sent to the intended recipient.

The collaboration between ACI Worldwide and Banfico also fosters greater collaboration and intelligence sharing between financial institutions, social media giants, and telco companies. By creating a network of intelligence based on the sharing of fraud signals in metadata format and in real time, the two companies can better identify and prevent APP fraud. This proactive approach to security not only helps protect customers from fraudulent transactions but also maintains trust in the financial system.

In conclusion, the partnership between ACI Worldwide and Banfico is a powerful alliance against the growing threat of APP fraud in Europe and the UK. By addressing key regulatory requirements, fostering collaboration, and improving customer trust, the two companies are working together to enhance the security of real-time payments and protect customers from fraudulent transactions. As the global payments landscape continues to evolve, strategic partnerships like this one will be crucial in maintaining a secure and trustworthy financial system.