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.
BNP Paribas Cash Management has so far relied on Worldline’s Account Validation solution to prevent fraudsters from using someone else’s IBAN during the mandate signature process.
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By extending the partnership, BNP Paribas seeks to keep Worldline Account Validation solution in its existing white-label product, EasyCollect.
Bruno Mellado, global head of Payments and Receivables at BNP Paribas, said: “We were seeking an innovative solution to reduce IBAN fraud in SEPA Direct Debits. We found it with the new account validation functionality of Worldline’s SEPA Payment Suite, which is based on the latest innovative technologies through Open Banking opportunities
“By implementing it in our existing SEPA Mandate and Direct Debit solution EasyCollect, the risk of SDD fraud will be reduced, and customer loyalty will be strengthened, which is a huge benefit for our clients and their customers”, Mellado added.
A successful year for Worldline
The announcement came after what many may call a successful beginning of the year for Worldline. In March, the company signed a strategic partnership with Printec Group to expand the range of payment services in 16 countries across Central and Eastern Europe.
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By GlobalDataIn February, the French payment giant reported revenue of $4.69bn for FY2022, showing an increase of 10.7% compared to $4.29bn for FY2021. Worldline’s Global Business Unit accounted for 70% of the firm’s total revenue in 2022.
Head of Financial Services at Worldline Alessandro Baroni also welcomed the news.
“’Being one of the largest Open Banking providers, we are continuously working on innovative solutions that help our customers to grow and improve their business. We look forward to continuing our long-term partnership with BNP Paribas Cash Management and further build on future products and initiatives”, Baroni said.
