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CBI expands Name Check coverage across Europe through Swift’s Pre-Validation service

CBI is an Italian company that develops digital services - including open banking and open finance services - for the financial industry and the Public Administration. CBI is expanding its Confirmation of Payee services to the European level and beyond through the use of Swift's Payment Pre-validation service. This collaboration will enable a broader network of verification and a higher level of security for financial services users. At a future date, Italian banks will be able to pre-validate abroad through CBI, implementing a unique “Confirmation of Payee” solution that will seamlessly work domestically and cross-border.

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Swift’s Payment Pre-validation is an innovative solution that seeks to reduce errors and mistakes in payment messages. By utilising API technology and best-in-class data sources to validate key information before a payment is sent, the Swift service adds a layer of predictability to every transfer and eliminates payments friction.

The Name Check CBI Service is designed to offer a real-time verification of the correct association between IBAN Codes and the names of beneficiaries. Targeting Payment Service Providers (PSPs) and Corporates, and thanks to a centralized and advanced matching algorithm, this service provides a crucial layer of security and risk mitigation in the world of financial transactions. CBI’s Name Check ensures that payments are sent to the intended recipients, it helps prevent fraudulent behaviors and accidental misdirection of payments, in addition to providing users with clear guidance on the accuracy of their payment details.

CBI will leverage Swift’s network of over 11,500 institutions across more than 200 countries to bring the benefits of its Name Check service to a wider European and international audience, further enhancing the stability and efficiency of the financial sector while fostering the development of innovative products and services. Moreover, this service enables PSPs to offer an integrated antifraud service whilst being fully compliant with the new European regulatory framework that is emerging with regulatory proposals on Instant Payments and the Payment Service Regulation (PSR). The Name Check service has been launched in July 2023 in Italy and will be adopted by the main Italian Intermediaries.

Liliana Fratini Passi, managing director of CBI, commented: "The expansion of the Name Check service across Europe and at an international level is a testament to our commitment to innovation and security in financial transactions. In an increasingly digital and interconnected world, more particularly in an ever-challenging open finance scenario, we are dedicated to providing our clients with the tools they need to conduct transactions securely and efficiently. This collaboration with Swift is a landmark moment that will streamline the way payments are conducted, offering peace of mind to individuals and businesses alike”.

Erika Toso, head of southeast europe, Swift, said: “The breadth of the Swift network and the richness of its data is unmatched, and will enable CBI to expand Confirmation of Payee to even more customers. Money as we know it is evolving and cyber threats are increasing, so it is more important than ever that payments are fulfilled safely and securely. Swift’s Pre-Validation service does just that, and is underwritten by Swift’s commitment to security, built into our network at every level. Together with CBI, we are excited to be offering this promise of secure and speedy payments to even more customers and to our community around the world.”

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