Expert Group kicks off final prep phase for FPAD go-live
Sixteen banks from nine countries met today in the Fraud Pattern and Anomaly Detection (FPAD) Expert Group to kick off final preparations for the go-live of the FPAD functionality. The members were able to see FPAD in action as the functionality is now delivered and available for STEP2 and RT1 users to start testing in preparation of the go-live scheduled for 1 March 2024.
The delivery of FPAD is the culmination of two years of work taken forward with the support of the expert group, which has been actively driving the design of the new functionality.
FPAD will complement the fraud detection and prevention efforts of STEP2 and RT1 users with a centralised network view of payment risk. It will also include functionality for IBAN/name matching checks, which will help users meet the requirements of the upcoming EU Instant Payments Regulation and Payment Services Regulation.