Closing session of 31st UN/CEFACT Plenary: spotlight on Italy's digital innovation, including anti-fraud solutions
The 31st UN/CEFACT Plenary, the annual meeting that brings together the delegations of all member countries of the Subsidiary Body of UNECE (United Nations Economic Commission for Europe) deputed to the facilitation of international trade and electronic business, was held at the Palais de Nations in Geneva on July 3-4.
The Plenary, this year, was opened by Ambassador Vincenzo Grassi, head of the Permanent Mission for Italy to International Organizations in Geneva, in light of Italy’s Chairmanship of UNECE for the three-year period 2025-2027.
CBI Managing Director, Ms. Liliana Fratini Passi, in her role as UN/CEFACT Bureau Vice Chair for the International Supply Chain Program Development Area, outlined the activities executed in the “Finance & Payment” and “Accounting & Audit” domains, which she oversees. In her speech, she highlighted, in particular, the importance of combating payment fraud in the context of international trade, a growing phenomenon.
UN/CEFACT showed great sensitivity to this issue, as well as great attention to solutions already launched and adopted by the Italian financial services industry.
The Finance & Payment domain, in particular, has recently published a Business Requirements Specification for the Check IBAN service, which responds to the need to standardize, at the international level, the solution - launched in Italy by CBI in 2020 - of verifying the correct association between the IBAN and the VAT number/tax code of the beneficiary of a payment, before the payment is processed.
Furthermore, a new project was launched last April, called “Check Invoice BRS,” aimed at mitigating the risk of fraudulent use of invoices in the disbursement of credit by Financial Intermediaries, by checking, for example, through a database that collects information on the status of invoices, attempts at “double spending”.
The UN/CEFACT Plenary ultimately highlighted the importance of dialogue and collaboration among member countries in developing common recommendations and standards to ensure trust, security, and efficiency in global trade.
The 31st UN/CEFACT Plenary, the annual meeting that brings together the delegations of all member countries of the Subsidiary Body of UNECE (United Nations Economic Commission for Europe) deputed to the facilitation of international trade and electronic business, was held at the Palais de Nations in Geneva on July 3-4.
The Plenary, this year, was opened by Ambassador Vincenzo Grassi, head of the Permanent Mission for Italy to International Organizations in Geneva, in light of Italy’s Chairmanship of UNECE for the three-year period 2025-2027.
CBI Managing Director, Ms. Liliana Fratini Passi, in her role as UN/CEFACT Bureau Vice Chair for the International Supply Chain Program Development Area, outlined the activities executed in the “Finance & Payment” and “Accounting & Audit” domains, which she oversees. In her speech, she highlighted, in particular, the importance of combating payment fraud in the context of international trade, a growing phenomenon.
UN/CEFACT showed great sensitivity to this issue, as well as great attention to solutions already launched and adopted by the Italian financial services industry.
The Finance & Payment domain, in particular, has recently published a Business Requirements Specification for the Check IBAN service, which responds to the need to standardize, at the international level, the solution - launched in Italy by CBI in 2020 - of verifying the correct association between the IBAN and the VAT number/tax code of the beneficiary of a payment, before the payment is processed.
Furthermore, a new project was launched last April, called “Check Invoice BRS,” aimed at mitigating the risk of fraudulent use of invoices in the disbursement of credit by Financial Intermediaries, by checking, for example, through a database that collects information on the status of invoices, attempts at “double spending”.
The UN/CEFACT Plenary ultimately highlighted the importance of dialogue and collaboration among member countries in developing common recommendations and standards to ensure trust, security, and efficiency in global trade.
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