BNP Paribas Cash Management has selected payment services provider Worldline SA (EPA:WLN) to reduce fraud in SEPA Direct Debit transactions.
BNP Paribas has implemented Worldline’s solution, that combines the electronic signature of SEPA mandates with Open Banking-based account validation, in Germany, Italy and France, with additional countries to follow in a few months.
SEPA Direct Debit (SDD) is an automated payment method used to pay one-off or recurring invoices in the Single Euro Payments Area via a signed mandate.
In order to prevent the risk of a fraudulent use of someone else’s IBAN during the mandate signature process, a pattern that was responsible for over 60 % of defrauded direct debits in recent years1, BNP Paribas Cash Management is the first to implement Worldline’s Account Validation solution into its existing…
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