Core Viewpoint - XBP Europe Holdings, Inc. has received approval from Pay.UK to become a Confirmation of Payee (CoP) Aggregator, enhancing its position as a leading provider of CoP services in the UK [1][2]. Group 1: Company Overview - XBP Europe serves over 2,000 clients across various sectors, including banking, healthcare, and utilities, aiming to optimize bills and payments through digital transformation [6]. - The company operates in 15 countries with a workforce of approximately 1,500 individuals, leveraging a cloud-based structure for service deployment [6]. Group 2: CoP Services - As a CoP aggregator, XBP Europe simplifies the implementation process for payment service providers (PSPs), enabling faster participation in the CoP ecosystem [2][3]. - The company's CoP solution allows organizations to implement services in days rather than months, which is crucial for financial institutions to meet compliance deadlines [3]. - XBP Europe's account name verification service is utilized by hundreds of banks across Europe, ensuring high accuracy in payee account verification [4][5]. Group 3: Industry Impact - The approval from Pay.UK is significant as firms must implement CoP as a live service by 31 October 2024 to comply with Payment Systems Regulation [3]. - XBP Europe is the only CoP provider actively engaged in the Request to Pay system, indicating its innovative approach within the industry [4].
XBP Europe Approved as a Confirmation of Payee (CoP) Aggregator by Pay.UK