BNP Paribas, a French banking group, has extended its partnership with Worldline to reduce fraud with International Bank Account Number (IBAN) transactions in Single Euro Payments Area (SEPA) Direct Debits (SDD). This is done by using Worldline’s account validation technology based on open banking.
A recent report from the Bank of France highlighted that fraudulent use of IBANs during the Single Euro Payments Area (SEPA) direct debit mandate signature process accounted for over 60% of frauds in direct debits.
To address this, BNP Paribas Cash Management has integrated Worldline’s account validation solution into EasyCollect, their existing product for managing SEPA direct debits. This solution will help combat fraud and ensure the validity of payments.
The French banking giant has combined Worldline’s solution into their own, which they claim will revolutionize the handling of SDD payments.
Worldine explained:
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.
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