XBP Europe Approved as a Confirmation of Payee (CoP) Aggregator by Pay.UK
XBP Europe (NASDAQ: XBP, XBPEW) has been approved as a Confirmation of Payee (CoP) Aggregator by Pay.UK, solidifying its position as a leading provider of CoP services. This approval allows XBP Europe to simplify CoP implementation for payment service providers, enabling faster and broader participation in the CoP ecosystem.
The company's AI-powered solution can implement CoP services in days, important for financial institutions facing the 31 October 2024 compliance deadline in the UK. XBP Europe's offering verifies payee accounts and handles complex name matches with high accuracy, minimizing false positives and negatives. As the only CoP provider actively engaged in the Request to Pay system, XBP Europe leverages its experience serving over 400 European financial institutions to deliver a best-in-class CoP service.
XBP Europe (NASDAQ: XBP, XBPEW) è stata approvata come Aggregatore di Conferma del Beneficiario (CoP) da Pay.UK, consolidando la sua posizione di fornitore leader di servizi CoP. Questa approvazione consente a XBP Europe di semplificare l'implementazione del CoP per i fornitori di servizi di pagamento, facilitando una partecipazione più rapida e ampia nell'ecosistema CoP.
La soluzione potenziata dall'IA dell'azienda può implementare i servizi CoP in pochi giorni, un aspetto importante per le istituzioni finanziarie che devono rispettare la scadenza di conformità del 31 ottobre 2024 nel Regno Unito. L'offerta di XBP Europe verifica i conti dei beneficiari e gestisce le corrispondenze di nomi complessi con alta precisione, riducendo al minimo i falsi positivi e negativi. Essendo l'unico fornitore di CoP attivamente impegnato nel sistema di Richiesta di Pagamento, XBP Europe sfrutta la sua esperienza al servizio di oltre 400 istituzioni finanziarie europee per fornire un servizio CoP di eccellenza.
XBP Europe (NASDAQ: XBP, XBPEW) ha sido aprobada como Agregador de Confirmación de Beneficiario (CoP) por Pay.UK, consolidando su posición como proveedor líder de servicios CoP. Esta aprobación permite a XBP Europe simplificar la implementación del CoP para los proveedores de servicios de pago, facilitando una participación más rápida y amplia en el ecosistema CoP.
La solución impulsada por IA de la empresa puede implementar servicios CoP en cuestión de días, algo importante para las instituciones financieras que enfrenten la fecha límite de cumplimiento del 31 de octubre de 2024 en el Reino Unido. La oferta de XBP Europe verifica las cuentas de los beneficiarios y maneja coincidencias de nombres complejas con alta precisión, minimizando los falsos positivos y negativos. Como el único proveedor de CoP activamente involucrado en el sistema de Solicitud de Pago, XBP Europe aprovecha su experiencia al servir a más de 400 instituciones financieras europeas para ofrecer un servicio CoP de primera clase.
XBP 유럽 (NASDAQ: XBP, XBPEW)는 Pay.UK에 의해 수취인 확인(Confirmation of Payee, CoP) 집합체로 승인되어 CoP 서비스의 선도적인 제공자로서의 입지를 다졌습니다. 이 승인은 XBP 유럽이 지불 서비스 제공자들에게 CoP 구현을 간소화할 수 있게 하여 CoP 생태계에 더 빠르고 폭넓은 참여가 가능하도록 합니다.
회사의 AI 기반 솔루션은 며칠 만에 CoP 서비스를 구현할 수 있으며, 이는 2024년 10월 31일 영국의 준수 기한을 맞이하는 금융 기관들에게 중요한 사항입니다. XBP 유럽의 제공 서비스는 수취인 계좌를 검증하고 복잡한 이름 일치를 높은 정확도로 처리하며, 잘못된 긍정 및 부정 사례를 최소화합니다. 요구 지급 요청 시스템에 적극적으로 참여하는 유일한 CoP 제공자로서, XBP 유럽은 400개 이상의 유럽 금융 기관에 서비스를 제공한 경험을 바탕으로 최고 수준의 CoP 서비스를 제공합니다.
XBP Europe (NASDAQ: XBP, XBPEW) a été approuvé comme Agrégateur de Confirmation du Bénéficiaire (CoP) par Pay.UK, renforçant ainsi sa position de fournisseur de services CoP de premier plan. Cette approbation permet à XBP Europe de simplifier la mise en œuvre du CoP pour les fournisseurs de services de paiement, favorisant une participation plus rapide et plus large dans l'écosystème CoP.
La solution alimentée par l'IA de l'entreprise peut mettre en œuvre des services CoP en quelques jours, ce qui est important pour les institutions financières confrontées à l'échéance de conformité du 31 octobre 2024 au Royaume-Uni. L'offre de XBP Europe vérifie les comptes des bénéficiaires et gère des correspondances de noms complexes avec une grande précision, minimisant les faux positifs et négatifs. En tant que seul fournisseur de CoP activement engagé dans le système de Demande de Paiement, XBP Europe met à profit son expérience au service de plus de 400 institutions financières européennes pour offrir un service CoP de premier ordre.
XBP Europe (NASDAQ: XBP, XBPEW) wurde von Pay.UK als Aggregator für die Bestätigung des Zahlungsempfängers (CoP) genehmigt, was ihre Position als führenden Anbieter von CoP-Diensten festigt. Diese Genehmigung ermöglicht es XBP Europe, die Implementierung von CoP für Zahlungsdienstleister zu vereinfachen, was eine schnellere und breitere Teilnahme am CoP-Ökosystem ermöglicht.
Die KI-gestützte Lösung des Unternehmens kann CoP-Dienste innerhalb weniger Tage implementieren, was für Finanzinstitute, die die Compliance-Deadline am 31. Oktober 2024 im Vereinigten Königreich einhalten müssen, wichtig ist. Das Angebot von XBP Europe verifiziert die Konten der Zahlungsempfänger und bearbeitet komplexe Namensübereinstimmungen mit hoher Genauigkeit, wodurch Fehlalarme und Falschmeldungen minimiert werden. Als einziger CoP-Anbieter, der aktiv im System der Zahlungsanforderung tätig ist, nutzt XBP Europe seine Erfahrung, um über 400 europäischen Finanzinstituten erstklassige CoP-Dienste anzubieten.
- Approved as a Confirmation of Payee (CoP) Aggregator by Pay.UK
- Can implement CoP services in days, faster than the industry standard of months
- Serves over 400 European financial institutions
- Only CoP provider actively engaged in the Request to Pay system
- AI-powered solution for accurate account name verification
- None.
Insights
XBP Europe's approval as a Confirmation of Payee (CoP) Aggregator by Pay.UK is a significant milestone for the company. This development positions XBP Europe as a key player in the UK's payment security landscape. The ability to streamline CoP implementation for payment service providers (PSPs) could lead to increased market share and revenue growth.
The company's AI-powered solution, which can be implemented in days rather than months, gives XBP Europe a competitive edge in the market. This is particularly important given the October 31, 2024 deadline for UK financial institutions to implement CoP services. The
Investors should monitor XBP Europe's client acquisition rate and revenue growth in the CoP segment, as well as any potential partnerships with major UK financial institutions. The company's unique position as the only CoP provider engaged in the Request to Pay system could also open up additional revenue streams in the future.
XBP Europe's approval as a CoP Aggregator is a significant step forward in combating financial fraud in the UK. CoP services are important in preventing Authorized Push Payment (APP) fraud, which has been a growing concern in the financial sector. By verifying payee accounts and handling complex name matches, XBP Europe's solution adds an extra layer of security to financial transactions.
The company's use of AI for name matching is particularly noteworthy. This technology can potentially reduce false positives and negatives, enhancing the overall effectiveness of the CoP system. However, it's important to note that as with any AI system, there may be ongoing challenges related to bias and accuracy that will require continuous monitoring and improvement.
From a cybersecurity perspective, XBP Europe's integration into the CoP ecosystem also means it will need to maintain rigorous security standards. As an aggregator, it will be handling sensitive financial data, making it a potential target for cyberattacks. Investors should keep an eye on XBP Europe's ongoing investments in cybersecurity measures and any potential security incidents.
XBP Europe's approval as a CoP Aggregator aligns with the UK's regulatory push for enhanced payment security. The Payment Systems Regulation's mandate for firms and building societies to implement CoP by October 31, 2024, creates a significant market opportunity for XBP Europe. The company's ability to implement CoP services quickly could be a key selling point for financial institutions racing to meet the deadline.
However, it's important to note that this regulatory landscape also comes with increased scrutiny and compliance requirements. XBP Europe will need to ensure ongoing compliance with Pay.UK standards and any future regulatory changes. The company's experience serving over 400 European financial institutions should provide a solid foundation for meeting these requirements.
Investors should monitor XBP Europe's ability to maintain compliance and adapt to any regulatory changes in the UK's payment sector. Additionally, the company's pan-European presence could position it well if similar CoP regulations are adopted in other European countries, potentially opening up new markets for expansion.
LONDON and SANTA MONICA, Calif., Aug. 13, 2024 (GLOBE NEWSWIRE) -- XBP Europe Holdings, Inc. (“XBP Europe” or the “Company”) (NASDAQ: XBP and XBPEW), announced that Pay.UK has approved its application to become a Confirmation of Payee (“CoP”) Aggregator.
This approval confirms XBP Europe’s status as a leading provider of CoP services. The Company will be able to join the service provided by Pay.UK and pass those benefits to its clients. As a CoP aggregator, XBP Europe simplifies implementation for payment service providers (PSPs). By streamlining the connection process and reducing the need for multiple contracts, it enables faster and broader participation in the CoP ecosystem, fostering greater collaboration and accelerating the industry's adoption of this vital security measure.
XBP Europe’s solution allows organisations to implement CoP services in days, rather than months. This is of particular interest to financial institutions who must implement CoP on time in order to remain compliant. Under the Payment Systems Regulation, firms and building societies must implement CoP as a live service by 31 October 2024 in the UK.
An AI powered solution
Leveraging its experience of serving over 400 European financial institutions and vast expertise in critical payments infrastructure, XBP Europe delivers a best-in-class CoP service that meets the latest Pay.UK and industry security standards. XBP Europe's account name verification service is used by hundreds of banks across Europe and benefits from three decades of service excellence and innovation. Additionally, XBP Europe is, in fact, the only CoP provider that is actively engaged in the Request to Pay system.
XBP Europe’s CoP offering verifies payee accounts and handles complex name matches with exceptional accuracy to minimise false positives and negatives. It uses industry-leading AI to ensure a frictionless payment experience.
Click here to learn more about CoP.
About XBP Europe
XBP Europe is a pan-European integrator of bills, payments and related solutions and services seeking to enable digital transformation of its more than 2,000 clients. The Company’s name – ‘XBP’ stands for ‘exchange for bills and payments’ and reflects the Company’s strategy to connect buyers and suppliers, across industries, including banking, healthcare, insurance, utilities and the public sector, to optimise clients’ bills and payments and related digitisation processes. The Company provides business process management solutions with proprietary software suites and deep domain expertise, serving as a technology and services partner for its clients. Its cloud-based structure enables it to deploy its solutions across the European market, along with the Middle East and Africa. The physical footprint of XBP Europe spans 15 countries and 32 locations and a team of approximately 1,500 individuals. XBP Europe believes its business ultimately advances digital transformation, improves market wide liquidity by expediting payments, and encourages sustainable business practices. For more information, please visit: www.xbpeurope.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to future results of operations and financial position, revenue and other metrics planned products and services, business strategy and plans, objectives of management for future operations of XBP Europe, market size and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by XBP Europe and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted against XBP Europe or others and any definitive agreements with respect thereto; (2) the inability to meet the continued listing standards of Nasdaq or another securities exchange; (3) the risk that the business combination disrupts current plans and operations of XBP Europe and its subsidiaries; (4) the inability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of XBP Europe and its subsidiaries to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (5) costs related to the business combination; (6) changes in applicable laws or regulations; (7) the possibility that XBP Europe or any of its subsidiaries may be adversely affected by other economic, business and/or competitive factors; (8) risks related to XBP Europe’s potential inability to achieve or maintain profitability and generate cash; (9) the impact of the COVID-19 pandemic, including any mutations or variants thereof, and its effect on business and financial conditions; (10) volatility in the markets caused by geopolitical and economic factors; (11) the ability of XBP Europe to retain existing clients; (12) the potential inability of XBP Europe to manage growth effectively; (13) the ability to recruit, train and retain qualified personnel, and (14) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Annual Reports on Form 10-K filed on April 1, 2024 and, our subsequent quarterly reports on Form 10-Q and our current reports on Form 8-K as filed with the Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. Readers should not place undue reliance on forward-looking statements, which speak only as of the date they are made. XBP Europe gives no assurance that either XBP Europe or any of its subsidiaries will achieve its expected results. XBP Europe undertakes no duty to update these forward-looking statements, except as otherwise required by law.
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FAQ
What is XBP Europe's new approval status for Confirmation of Payee (CoP) services?
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