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Andrew Doukanaris Ambassador, The Payments Association While vIBANs have positive use cases, challenges exist in limited monitoring of the enduser, alignment with the PSPs risk appetite, and the lack of a consistent framework to mitigate financial crime and regulatory risks. Common standards would bring consistency and confidence.
Differentiator 1: Payment Aggregation The most crucial distinguishing factor of PayFacs is that they operate as merchants themselves and register for processing accounts directly with an acquiring bank. They are then able to onboard and aggregate sub-merchant accounts under their masteraccount.
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