mobile logo

Whatis it?

FinologeeIBANTrust is designed for financial institutions and payment service providers subject to the new European regulation for instant credit transfers in euro* and the upcoming PSD3/PSR package, enabling them to implement IBAN name verification requirements in an European Payments Council (EPC) scheme rulebook compliant manner. The platform provides optional access to the SurePay Verification of Payee (VoP) API to validate IBAN names for banks and acts as a seamless integrator of the Swift Pre-Validation solution.

With this set-up, IBANTrust stands out for its rigorous IBAN accuracy checks and guarantees secure and fast transactions.

Through its state-of-the-art API connector, FinologeeIBANTrust ensures that payers have the means to confirm the legitimacy of the payee’s payment details before proceeding with an instant credit transfer. By providing greater transparency and control over transactions, the IBAN-name check feature will contribute to a safer and trustworthy instant payment ecosystem for all stakeholders.

*Current Status

Regulation: The final act was published in the Official Journal on 19 March 2024. This means that the requirements for IBAN name checks will apply from October 2025.

PSD3/PSR package: Both proposals are currently under discussion between the Commission, the Parliament and the Council.

Scroll down for more information on the status of the legislation.

What arethe features?
1
End-to-end data verification based on the instructions provided by the PSU

2
Regulation compliant

3
Exposing & integrating payee's information

4
Integration of reliable data source & comprehensive database

5
High-end security

6
Full financial industry compliance

7
European compatibility

8
Modular architecture

IBANTrust:How does it work?
What arethe components?

01

Bank connector:

Relying on Finologee’s APIs exposition towards Payer’s and Payee’s Banks, secure on-premise data transfer module or SFTP connection

02

Security management:

Fully hosted technical solution with a Luxembourg financial industry-regulated IT provider (“Support PFS” license)

03

Data management: 

Payee’s data collection at payer’s account-holding bank (provided by the payer) and matching against payees’ data at their bank

04

Optional access to other services:

For instance, Pre-Validation solution from Swift and SurePay’s IBAN-Name Check scheme

05

Ongoing integration with external database:

Integration with local schemes via Swift

06

Customisable rules engine:

Definition of specific validation rules based on business requirements, allowing for a tailored verification process

07

Scalability:

Product designed to handle a high volume of transactions, ensuring seamless operations

08

Continuous regulatory compliance updates:

Compliant with international banking standards and regulations, ensuring a trustworthy and secure payment process

What future obligationsfor PSPs?

PSPs need to comply with

DOWNLOAD OUR PSP COMPLIANCE GUIDE
Valueproposition

Sourcing best in-class components

Integration with subject experts’ matter guaranteeing a worldwide data coverage

Flexible integration with PSPs

(existing PSD2 API, proprietary API, custom integration)

Customisable rules engine

(definition if specific validation rules allowing a tailored verification process)

Full regulation compliance

(Instant Payments and upcoming PSD3/FIDA package)

High-end & compliant hosting and operations

(Luxembourg Support PFS hosted – ISO27001 certified)

Total neutrality

(No affiliation with any particular bank/group)

One-stop-shop offerfor existing clients

One framework agreement for our Bank compliance customers covering all products

Legislative status:by when is it applicable?

Instant payments: Applicable from October 2025

The final act was published in the Official Journal on 19 March 2024 and entered into force in April 2024. Consequently, the requirements for IBAN name checks will apply from October 2025.

PSD3/PSR: Current status of the legislative proposals

On 28 June 2023, the European Commission published its long-awaited payment services and financial data access package, aiming to ensure the EU’s financial sector is fit for purpose and capable of adapting to the ongoing digital transformation. The proposal involves amending and modernising the current Payment Services Directive (PSD2), which will become PSD3, and establishing, in addition, a Payment Services Regulation (PSR).

Both the PSD3 and the PSR will enter the ordinary legislative procedure, where the European Parliament and Council will have to adopt their respective positions before entering in trilogue negotiations to finalise the texts. The transposition deadline for Member States and the start of the application period is 18 months after entry into force.

Finally, the proposal contains a review clause that provides for an assessment of the scope of PSD3 and the possible extension to payment systems and technical services five years after the transposition of the directive.

IBANTrust timeline

Do you want to know what we could build together or get a product demo?

Get in touch and we will evaluate how we may help you.

GET IN TOUCH