To reduce fraud in SEPA direct debit payments, BNP Paribas Cash Management chose to use the solution of Worldline. This solution combines the electronic signature of SEPA mandates with the verification of current accounts through Open Banking, and allows you to confirm the identity of the account holder before authorizing the payment. BNP Paribas has already activated this solution in Germany, Italy and Franceand will soon extend it to other countries.
Worldline and BNP Paribas, partnership to avoid fraud
L’SEPA Direct Debit (SDD) is an automatic payment system that is based on a mandate signed for make one-off or periodic payments in the Single Euro Payments Area.
This Worldline solution is part of yours SEPA Payment Suite and offers a competitive advantage to BNP Paribas Cash Management, which positions itself as a pioneer and innovator in the SEPA direct debit payments sector. Thanks to‘Open Banking e alla Strong Customer Authentication, this solution guarantees a high level of security. And it eliminates the risk of fraud linked to the improper use of the IBAN when signing the mandate.
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This solution is beneficial for both companies and traders, who can rely on a method secure and low-risk paymentboth for customers, who benefit from greater ease of use.
A growing partnership
Bruno Mellado, Global Head of Payments and Receivables di BNP Paribas said: “We were looking for an innovative solution to reduce IBAN-related fraud in SEPA Direct Debits. We found it with Worldline’s new “SEPA Payment Suite” account validation feature, which is based on the latest and most innovative Open Banking technologies. Thanks to its implementation in our EasyCollect solution for SEPA mandates and direct debits, the risk of SDD fraud will be reduced, trust will be strengthened, with enormous benefits for our customers and for the end consumers“.
Alessandro Baroni, Head of Financial Services of Worldline, he added: ”Worldline is one of the largest providers of Open Banking services: we are constantly working to implement innovative solutions that help our customers grow and improve their business. We are particularly pleased to continue our long-term partnership with BNP Paribas Cash Management and to be able to develop further products and initiatives in the future”.
More information on the Worldline website.