Future of CoP.png

Singapore, Netherlands, UK, June 2023 : iPiD Releases New Whitepaper on Maximizing the Potential of the Iban-Name Check Requirement in Europe.

A new whitepaper released by iPiD explores the potential of the Confirmation of Payee (CoP) functionality, or IBAN-name check, as part of the recent update to the Instant Payment Regulation in Europe. The paper delves into the origins, applications, and global successes of CoP, highlighting the implications of the European Commission's recent proposal for a new instant payment regulation.

The IBAN-name check offers the ability to verify the recipient's name during payment initiation, reducing the risk of fraudulent transactions. However, while similar functionalities are present worldwide, Europe has been slower in implementing payee account validation solutions. The rise in instant payments and an increase in authorized push payment (APP) fraud have demonstrated the need for a system like CoP in the updated regulation.

The whitepaper emphasizes that the development of CoP projects should not solely focus on preventing APP fraud, as CoP alone is not a comprehensive solution. It is vital to look beyond fraud prevention and consider the customer experience and trust-building benefits that CoP can provide. Furthermore, expanding the scope of CoP beyond the IBAN-name check can transform it into an effective information-sharing infrastructure for fraud prevention.

The paper also highlights the importance of interoperability across payment rails and borders. A unified European CoP solution may seem optimal, but each country and payment system may prefer its own solutions. Therefore, it is crucial to avoid closed-loop solutions and to ensure that interoperability remains a priority. The European Payment Council (EPC) can play a significant role in defining a European CoP scheme that facilitates interoperability without compromising effectiveness.

The whitepaper stresses the role of Central Hubs in improving efficiency through services such as routing, matching, and interoperability. To build trust, it recommends making CoP a standard feature in digital banking channels and providing consumers with name suggestions for partial matches. Furthermore, the whitepaper suggests that financial institutions should be able to generate revenue from CoP by offering account validation services to their business customers.

In conclusion, the design choices made for the CoP will greatly impact customer experience and deployment costs for banks. iPiD, as an infrastructure provider, remains committed to contributing to the development of a stronger CoP future for Europe and the rest of the world. By following the recommendations shared in this whitepaper, stakeholders can navigate the complexities of CoP implementation and unlock its full potential.


About iPiD

iPiD is a fast-growing, venture-backed fintech start-up that was founded in late 2021 by a global team who have held senior roles at major payments and technology companies, including SWIFT and Thomson Reuters.  In addition to our HQ in Singapore, our global team has representatives in India, Belgium, Malaysia, Netherlands, South Africa, Spain, and Vietnam.


iPiD’s vision is to make cross-border payments easy, secure, and seamless.

We achieve this by partnering with financial services providers (banks, payment systems, payment fintechs, wallets…) to deliver an addressing data platform that helps the payment industry to provide a more efficient and user-friendly payment journey.

iPiD is built for all – we do not replace banks, payment fintechs, wallets or remittance companies; nor do we replace existing payment rails.


Our Advisory Board includes senior figures from across the industry: Christian Sarafidis, Microsoft Chief Business Development Officer WWFSI; Kosta Peric, Deputy Director, Financial Services for the Poor, the Bill & Melinda Gates Foundation; and Nick Lewins, former banking Chief Technology Officer and now an advisor in data and AI, cloud technology and digital transformation.

Press Contact : [email protected]