WHY IS CONFIRMATION OF PAYEE IMPORTANT?

Banfico AVS Overview

The Banfico Account Verification Service is designed to ensure the accuracy of payee details in electronic payment transactions, reducing the risk of fraud and payment errors and serving as a critical layer of security by verifying the authenticity of payee details before payment execution.

Banfico AVS verifies that the payee’s name and account number match before a payment is executed, thus preventing payment mis-directions, reducing fraudulent transactions, and ensuring compliance with the UK Payments system regulations, EU Instant Payment regulations and JPM Liink regulation.

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Introduction to Banfico's AVS

Banfico is an intermediary service provider offering Account Verification Services via Application Programming Interface (API) with specifications set out the rules for implementing AVS-related API's based on multiple international scheme rulebooks, inter-PSP API specifications, API security frameworks and other scheme-related documentation. In compliance with the Framework, Banfico as an intermediary service provider is responsible to the Requesting PSPs and Responding PSPs for the following services:

Receive Requests from the Requesting PSP who participates in the relevant service network.
Forward the Requests in full and without alteration to the Responding PSP who participates in the relevant service network if appropriate, ensuring that all data submitted by the Requester and the Requesting PSP reaches the Responding PSP.
Forward Response from the Responding PSP in full and without alteration to the Requesting PSP.
Provide any required authentication, authorisation, security and risk management procedures, etc.

How Banfico AVS Works

Banfico offers automated services to Requesters, Indirect Requesters, Responders and PSPs for Account Verification across all use cases, and direct and indirect request models. The verification in Banfico's Account Verification service is carried out against regularly updated participant registry data that contains mandatory information such as:

Participant identifiers (BIC/SWIFT ID, name, country code, national identifiers).
Regulatory authorization credentials and digital certificates.
Participant roles and service capabilities.
API endpoint details (including primary and backup URLs).
Supported account identifier types and verification methods.

This ensures that the account number belongs to the intended recipient and is not being fraudulently used, providing real-time name matching, ID checks and account status checks across multiple jurisdictions and payment schemes.

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