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Frequently Asked Questions

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  • It is used by payment service provides (PSPs) or their internal teams who wish to test or consume Banfico's Account Validation (Confirmation of Payee / IBAN Check) products. We offer two types of products for multiple countries which are "Requestor" (Outbound Account Validation) and "Responder" (Inbound Account Validation)
  • Requestor is also called Account Validation Outbound Service. It's purpose is to send request to payee bank while performing name checks. Responder is also called Account Validation Inbound Service. It's purpose is to compare the payee details held in the bank database with the details received from the requestor. The result of the name matching is sent back to the requestor using "Global Name Match Result" and various "Reason Codes".
  • Internal Developers are the PSP's internal team who can consume all the API's exposed in the CoP Portal its operations team.
  • External Developers are the participants who can onboard using DCR registration and consume CoP Inbound API. In the lower environments we provide manual registration for testing purposes.
  • DCR stands for Dynamic Client Registration. It is done using a JSON Web Token (JWT). DCR eliminates the need for a manual registration process, making it more efficient and less time-consuming to register new clients.
  • No, only test/mock data can be used for testing in the Sandbox environments.
  • Wherever required, Banfico's API is built based on the specifications published by respective regulators/ authorities. For example, UK CoP product is based the Pay.UK's Confirmation of Payee specifications and France IBAN check product is based on SEPAmail DIAMOND application specifications.
  • No, both business and personal account name validations are done using the same outbound API under internal developer.
  • Secondary Reference Data (SRD) is optionally used for UK Confirmation of Payee checks. This is the official definition provided by Pay.UK for Secondary Reference Data: For most accounts, all the information needed to complete a Confirmation of Payee check is a sort code, account number, and payee name. However, some accounts require a reference to be entered for the payment to be applied to the final account, for example, a 16-digit credit card number when paying a credit card bill, or a roll number for some building society accounts. This is called Secondary Reference Data (SRD)by institutions which do not have unique sort codes. But, these small institutions or PSP's address their customers with SRD. SRD could be basically a roll number for building societies or credit card numbers.
  • No, it isn't mandatory for banks to provide any data to Banfico. Banks can reuse/ develop a core banking API to retrieve account data based on account numbers and expose that API to Banfico's account validation (CoP / IBAN Check) solution. Alternately, Banfico provides the option of replicating the real time data in Banfico's database to provide a faster implementation cycle.
  • Yes. Because all the participants will be live in CoP Directory and Requestors have to onboard with Responders.
  • No, Inbound services and Outbound services cannot be accessed using the same Developer Accounts. Internal Developers can only access Outbound Service and External Developers can only access Inbound Services.
  • No, Banfico's CoP sandbox environment does not have access to Pay.UK's CoP Directory.
  • Yes, the same access token can be used for performing any number of name verifications. When these tokens expire, you can use refresh tokens to generate new access tokens.
    • CoP / IBAN Check .
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    Company number 11036752
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