XBP Europe Approved as a Confirmation of Payee (CoP) Aggregator by Pay.UK
August 13 2024 - 3:30AM
UK Regulatory
XBP Europe Approved as a Confirmation of Payee (CoP) Aggregator by
Pay.UK
LONDON and SANTA MONICA, Calif., Aug. 13, 2024 (GLOBE NEWSWIRE)
-- XBP Europe Holdings, Inc. (“XBP Europe” or the “Company”)
(NASDAQ: XBP and XBPEW), announced that Pay.UK has approved its
application to become a Confirmation of Payee (“CoP”)
Aggregator.
This approval confirms XBP Europe’s status as a leading provider
of CoP services. The Company will be able to join the service
provided by Pay.UK and pass those benefits to its clients. As a CoP
aggregator, XBP Europe simplifies implementation for payment
service providers (PSPs). By streamlining the connection process
and reducing the need for multiple contracts, it enables faster and
broader participation in the CoP ecosystem, fostering greater
collaboration and accelerating the industry's adoption of this
vital security measure.
XBP Europe’s solution allows organisations to implement CoP
services in days, rather than months. This is of particular
interest to financial institutions who must implement CoP on time
in order to remain compliant. Under the Payment Systems Regulation,
firms and building societies must implement CoP as a live service
by 31 October 2024 in the UK.
An AI powered solution
Leveraging its experience of serving over 400 European financial
institutions and vast expertise in critical payments
infrastructure, XBP Europe delivers a best-in-class CoP service
that meets the latest Pay.UK and industry security standards. XBP
Europe's account name verification service is used by hundreds of
banks across Europe and benefits from three decades of service
excellence and innovation. Additionally, XBP Europe is, in fact,
the only CoP provider that is actively engaged in the Request to
Pay system.
XBP Europe’s CoP offering verifies payee accounts and handles
complex name matches with exceptional accuracy to minimise false
positives and negatives. It uses industry-leading AI to ensure a
frictionless payment experience.
Click here to learn more about CoP.
About XBP Europe
XBP Europe is a pan-European integrator of bills, payments and
related solutions and services seeking to enable digital
transformation of its more than 2,000 clients. The Company’s name –
‘XBP’ stands for ‘exchange for bills and payments’ and reflects the
Company’s strategy to connect buyers and suppliers, across
industries, including banking, healthcare, insurance, utilities and
the public sector, to optimise clients’ bills and payments and
related digitisation processes. The Company provides business
process management solutions with proprietary software suites and
deep domain expertise, serving as a technology and services partner
for its clients. Its cloud-based structure enables it to deploy its
solutions across the European market, along with the Middle East
and Africa. The physical footprint of XBP Europe spans 15 countries
and 32 locations and a team of approximately 1,500 individuals. XBP
Europe believes its business ultimately advances digital
transformation, improves market wide liquidity by expediting
payments, and encourages sustainable business practices. For more
information, please visit: www.xbpeurope.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements”
within the meaning of the United States Private Securities
Litigation Reform Act of 1995, Section 27A of the Securities Act of
1933, as amended (the “Securities Act”), and Section 21E of the
Exchange Act, including certain financial forecasts and
projections. All statements other than statements of historical
fact contained in this press release, including statements as to
future results of operations and financial position, revenue and
other metrics planned products and services, business strategy and
plans, objectives of management for future operations of XBP
Europe, market size and growth opportunities, competitive position
and technological and market trends, are forward-looking
statements. Some of these forward-looking statements can be
identified by the use of forward-looking words, including “may,”
“should,” “expect,” “intend,” “will,” “estimate,” “anticipate,”
“believe,” “predict,” “plan,” “targets,” “projects,” “could,”
“would,” “continue,” “forecast” or the negatives of these terms or
variations of them or similar expressions. All forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. All
forward-looking statements are based upon estimates, forecasts and
assumptions that, while considered reasonable by XBP Europe and its
management, as the case may be, are inherently uncertain and many
factors may cause the actual results to differ materially from
current expectations which include, but are not limited to: (1) the
outcome of any legal proceedings that may be instituted against XBP
Europe or others and any definitive agreements with respect
thereto; (2) the inability to meet the continued listing standards
of Nasdaq or another securities exchange; (3) the risk that the
business combination disrupts current plans and operations of XBP
Europe and its subsidiaries; (4) the inability to recognize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition, the ability of XBP
Europe and its subsidiaries to grow and manage growth profitably,
maintain relationships with customers and suppliers and retain its
management and key employees; (5) costs related to the business
combination; (6) changes in applicable laws or regulations; (7) the
possibility that XBP Europe or any of its subsidiaries may be
adversely affected by other economic, business and/or competitive
factors; (8) risks related to XBP Europe’s potential inability to
achieve or maintain profitability and generate cash; (9) the impact
of the COVID-19 pandemic, including any mutations or variants
thereof, and its effect on business and financial conditions; (10)
volatility in the markets caused by geopolitical and economic
factors; (11) the ability of XBP Europe to retain existing clients;
(12) the potential inability of XBP Europe to manage growth
effectively; (13) the ability to recruit, train and retain
qualified personnel, and (14) other risks and uncertainties set
forth in the sections entitled “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements” in the Annual Reports on Form
10-K filed on April 1, 2024 and, our subsequent quarterly reports
on Form 10-Q and our current reports on Form 8-K as filed with the
Securities and Exchange Commission (the “SEC”). These filings
identify and address other important risks and uncertainties that
could cause actual events and results to differ materially from
those contained in the forward-looking statements. Nothing in this
press release should be regarded as a representation by any person
that the forward-looking statements set forth herein will be
achieved or that any of the contemplated results of such
forward-looking statements will be achieved. Readers should not
place undue reliance on forward-looking statements, which speak
only as of the date they are made. XBP Europe gives no assurance
that either XBP Europe or any of its subsidiaries will achieve its
expected results. XBP Europe undertakes no duty to update these
forward-looking statements, except as otherwise required by
law.
For more XBP Europe news, commentary, and industry perspectives,
visit: https://www.xbpeurope.com/
And please follow us on social:
X: https://X.com/XBPEurope
LinkedIn: https://www.linkedin.com/company/xbp-europe/
The information posted on XBP Europe's website and/or via
its social media accounts may be deemed material to investors.
Accordingly, investors, media and others interested in XBP Europe
should monitor XBP Europe’s website and its social media accounts
in addition to XBP Europe’s press releases, SEC filings and public
conference calls and webcasts.
Investor and/or Media Contacts:
investors@xbpeurope.com