Latest news with #iPiD
Yahoo
4 days ago
- Business
- Yahoo
Nium and iPiD Deepen Strategic Collaboration to Advance VoP Compliance and Global Fraud Prevention
SINGAPORE, Aug. 11, 2025 /PRNewswire/ -- Nium, the leading global infrastructure for real-time cross-border payments, today announced the expansion of Verify, its account validation service, in Europe, through a strengthened strategic partnership with iPiD, the provider of the Know Your Payee (KYP) solution, iPiD Node. As part of this deepening collaboration, iPiD is also leveraging Nium's Verify technology to enhance its own validation capabilities, marking a mutual partnership between two of Singapore's most prominent fintech innovators. By tapping into Nium's established account verification infrastructure, iPiD is able to enhance its global coverage. This two-way partnership underscores both companies' shared vision to increase trust, reduce fraud, and meet evolving regulatory demands in cross-border payments. With VoP becoming a regulatory requirement in the EU by October 2025, payment service providers (PSPs) will be expected not only to verify payee details but also to demonstrate that verification was attempted and properly recorded. Through this collaboration, the integration of iPiD Node extends the reach of Nium's Verify solution in the EU, with audit-ready coverage in the additional 41 countries of the SEPA zone; adding to Nium's instant account verification capabilities in 25 countries globally. Nium's position as the only provider with direct access to global RTP schemes for the purpose of both payments and real-time account validation is complemented by iPiD Node's compliance-ready infrastructure. Since Nium launched Verify, it has helped customers save millions of dollars in fraud and error related costs. A leading global remittance provider saw their error rates reduce from 1.41% to 0.34% after implementing Verify. At the same time, iPiD Node has enabled institutions to meet increasingly stringent VoP compliance requirements through evidence-ready audit logs, while helping reduce false positives and manual reviews in high-risk cross-border transactions. "It's powerful when a trusted partner chooses to become a customer," said Damien Dugauquier, Co-founder & CEO at iPiD. "We're proud to work alongside Nium — not just as fellow Singapore fintechs, but as like-minded teams solving the next generation of cross-border compliance and fraud challenges." While many providers rely solely on name-matching tools for payee validation, Nium's Verify solution, with the integration of the iPiD Node allows its infrastructure to deliver an elevated experience, leveraging real-time API responses directly from domestic RTP systems for unmatched accuracy and fraud prevention, while also providing transparent, accurate and secure cross-border transactions. The addition of iPiD Node also ensures advanced capabilities in the EU including: Real-time request/response name-checking flows Evidence-ready forensics and audit logs to meet regulatory requirements Flexible name-matching logic to balance security with usability "As regulation and risk evolve, we're focused on building infrastructure that goes beyond the payment to provide both compliant and customer-centric solutions," said Alexandra Johnson, Chief Payments Officer at Nium. "Deepening our relationship with iPiD gives us the tools to further scale our Verify solution for account validation with confidence." The collaboration also reflects growing synergy between Singapore's fintech leaders in advancing secure, compliant, and scalable financial infrastructure on the global stage. Together, Nium and iPiD are setting a new standard for payee verification - combining real-time intelligence, regulatory readiness, and ecosystem collaboration to make global payments safer and smarter. About Nium Nium, the leading global infrastructure for real-time cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 190+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 40 markets. Nium's growing card issuance business is already available in 34 countries. Nium holds regulatory licenses and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore. About iPiDiPiD is a global leader in Know Your Payee (KYP) solutions, specializing in payee verification. Our technology enables financial institutions, payments service providers and corporations to improve payment experiences, reduce errors, protect against fraud and ensure compliance. Logo - View original content to download multimedia: SOURCE Nium
Finextra
02-07-2025
- Business
- Finextra
Banqup Group selects iPiD for verification of payee
Banqup Group, the company behind the trusted digital platform Banqup, has announced a partnership with iPiD, a global leader in payee verification technology. 0 The partnership enhances Banqup's ability to protect businesses against invoice fraud while ensuring compliance with the growing wave of Verification of Payee (VoP) regulations across Europe and beyond. At the heart of the collaboration is the integration of iPiD's Know Your Payee (KYP) technology into the Banqup platform, which is already known for combining e-invoicing and payments in a single, secure, and compliant environment. This move directly addresses one of the most common forms of business fraud—manipulated or spoofed payment instructions in digital invoices. 'At Banqup, we've built our platform to connect documents and payments in a way that's seamless, compliant, and secure,' said Arthur Paijens, responsible for Banqup SA, the payment institution part of Banqup Group. 'Partnering with iPiD allows us to take an even more proactive stance against fraud—verifying the payee before a payment is made and giving our users peace of mind.' The solution is powered by the iPiD Node, a future-proof service that validates payee account information in real time. By doing so, it ensures that payments go to the intended recipient, reducing the risk of misdirected funds and aligning with evolving VoP legislation across markets. Damien Dugauquier, Co-founder and CEO at iPiD, added: 'Our mission is to bring global KYP capabilities to businesses of all sizes. Working with Banqup Group enables us to deliver on that promise for Europe's SMEs, helping them protect their cash flow and transact with confidence.' For Banqup users, the integration of iPiD's verification layer is seamless—enabling every payment to benefit from the additional protection without disrupting user experience. It's a powerful combination: document-driven processes, embedded payments, and intelligent payee verification.
Fintech News ME
02-06-2025
- Business
- Fintech News ME
Emirates NBD Partners with iPiD for Real-Time Cross-Border Payee Verification
Emirates NBD has entered into a partnership with iPiD, a Singapore-based provider of Know Your Payee (KYP) validation services. The collaboration aims to enhance the bank's cross-border payment processes by enabling real-time beneficiary validation. Through the integration of iPiD's technology, customers will be able to verify payee names, IBANs, and account numbers before initiating a payment. This is expected to reduce the risk of fraud, prevent transaction errors caused by incorrect details, and improve overall efficiency. The move is part of Emirates NBD's wider efforts to strengthen its fraud prevention measures and expand its capacity for payee verification across international markets. Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, said: 'At Emirates NBD we are committed to delivering an exceptional digital experience for our customers, underpinned by robust security and trust. Our partnership with iPiD, bringing global payee verification capabilities to enhance cross-border payments, reinforces this commitment. Together, we are ensuring safer, more efficient digital payments for our customers, domestically or across borders.' Damien Dagauquier, CEO and Co-founder of iPiD, added: 'With our advanced API and validation capabilities, we are empowering institutions like Emirates NBD to proactively combat fraud and deliver seamless payment experiences.'
Finextra
29-05-2025
- Business
- Finextra
A crisis of trust: European and global verification brings safety to payments
0 This content has been created by the Finextra editorial team with inputs from subject matter experts at the funding sponsor. Verification of Payee (VoP) has rapidly become an essential aspect of banking and payments, ensuring security and safety in payments transactions. By October 2025, all European Payments Service Providers (PSPs) using SEPA instant and non-instant transfers will need to verify payee account details before processing payments. As the EPC's deadline is fast approaching, PSPs must urgently implement the VoP scheme or risk falling behind regulatory compliance and industry standards. The European Instant Payments Regulation and EPC VoP scheme requires all credit transfers across the Eurozone to be accompanied by a match of the account beneficiary's name. To comply, almost 5,000 European financial institutions will need to introduce a Routing and Verification mechanism (RVM) to make VoP requests and responses. Shedding light on the subject, Finextra spoke to Michael Moon, head of strategic market development at iPiD. This article outlines the main challenges facing VoP adoption, the solutions offered by third-party providers, and what VoP adoption will accomplish for the faster payments industry, both nationwide and on a global scale. Moon states: 'In the instant payments era, if you don't have the protections against the fraud and mistaken payments, your business is going to become a lot harder to operate.' Why is the VoP scheme essential? As instant payments increase, so does fraud and so must global verification confirmation services, as Moon points out. The impersonation and manipulation tactics that are being used by fraudsters to authorise payments have created what Moon labels a 'crisis of trust.' Verification of the payee is of critical significance to prevent fraud, and so the VoP mandate is arriving at a critical time to accompany instant payments growth as it continues to skyrocket. According to Moon, 'the world has been introduced to faster payments for many years now. Instant payments are incredibly pervasive across many countries in the world. Certainly in Europe, there have been efforts to increase instant payments. 'More recently, the European Commission introduced a regulatory package known as the IPR, or Instant Payments Regulation, and that came from dissatisfaction in Europe with the level of adoption of instant payments in the market. What the regulation made clear is that, if you are a payment service provider in the business of making credit transfers, you need to offer the ability to both send and receive payments on an instant basis,' states Moon. Recognising the potential risks that accompany speed, the regulator, with the benefit of international evidence such as the UK's Faster Payments system, acknowledged that instant payments inevitably leads to greater fraud risks. As such, the widespread adoption of instant payments could not be pushed forward in isolation, without appropriate safeguards. Hence, the VoP mandate was born. VoP, while not a silver bullet, has had a direct result on clamping down on fraudsters. In 2023, the UK's equivalent initiative Confirmation of Payee (CoP) led to a 17% decrease of APP fraud in 2023. According to data from Fortra in 2025, 77% of businesses uses CoP to prevent fraud and 96% agree that CoP is effective in reducing fraudulent transactions. Challenges to satisfy the approaching deadline A major challenge that financial institutions will need to overcome is managing their time wisely. Meeting the 9 October deadline requires phases of testing to be completed by July to ensure full readiness by the autumn, which sets PSPs on a tight timeline for preparation. Furthermore, global cross-border fragmentation adds another layer of complexity to meeting the deadline. Organisations that operate in multiple markets have more regulatory requirements to navigate. Moon added that large banks and payments firms that have a significant portfolio of corporate clients will also have to manage the complications of providing verification services for them as compared to individual customers. Third party providers can offer verification and validation schemes that understand and can streamline the transaction process. Moon points out that institutions looking to standardise their services across multiple markets and customer bases can gain support from third party providers that are best placed to serve their validation needs: 'These third party suppliers can help with the specific processes of making VoP requests and responding to those requests, as well as integrating with and orchestrating transaction activity with various services that need to be consumed to perform this. For example, there is a centralised electronic addressing service, the EPC Directory Service, which is a digital address book that identifies the recipient of these requests. Third parties, the RVMs, are the traffic police; sending, receiving, and responding on behalf of the payment service providers.' Moon mentions how these third parties can offer a Know Your Payee (KYP) scheme aimed at standardising responses and solving dissonance in global transactions. Using iPiD as an example, Moon highlights how global KYP providers do the work of connecting services and creating a standardised response to the sender of any validation or verification request: 'Financial organisations get the benefit of global coverage and reach to different verification services and actually standardising that back into their environment, so they don't need to deal with the different levels of capturing and presenting data.' Moon further explains that there are two forms of verification services that can be provided to PSPs: A lite provider that directs the traffic, managing requests and responses. A full provider which offers more in-depth features that manage the level and scale of verification activity throughout Europe, such as having records of history and transaction activity to ensure a request was made and provide evidence of that request and transaction if needed. The liability scheme that is soon to be introduced will hold PSPs accountable for any loss due to fraud or scams, which is why it is key to have evidence of transactions and transparency through the VoP scheme. Outside of scam and fraud, major inefficiencies such as mistaken payments and amending errors in the payments process can be resolved through VoP protocols. Moon emphasises that improving defenses against scams both at a local level and a global level are essential, as verification is being introduced in various forms in different nations. Moon concludes: 'As you move money faster, the risks of losing money to fraud and scams, particularly with the commensurate level of digitalisation in payment services, fraud losses and risks increase. We expect that all payments, whether they are local, in a single country like the UK or within the European marketplace, or payments that are conducted cross border and globally, we see all those payments having an upfront form of validation or verification. We think that is a necessary way to operate in the future.'
Hi Dubai
29-05-2025
- Business
- Hi Dubai
Emirates NBD Partners with iPiD for Secure Global Payee Verification
Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has announced its partnership with iPiD, a global Know Your Payee (KYP) validation provider. The collaboration will enable Emirates NBD to provide real-time beneficiary validation for cross-border payments. With this solution, customers can verify payee names, IBANs, and account numbers in real time, before a payment is made. This will help reduce fraud, prevent transaction failures due to inaccurate details, and boost efficiency. By integrating iPiD's solution, Emirates NBD strengthens its fraud prevention strategy while laying the groundwork for scalable payee verification across global markets. This collaboration underscores Emirates NBD's leadership in embracing innovative and advanced technologies to offer a safer banking experience. Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, said: At Emirates NBD we are committed to delivering an exceptional digital experience for our customers, underpinned by robust security and trust. Our partnership with iPiD – bringing global payee verification capabilities to enhance cross-border payments– reinforces this commitment. Together, we are ensuring safer, more efficient digital payments for our customers, domestically or across borders. Damien Dagauquier, CEO & Co-founder at iPiD, said: Our partnership with Emirates NBD marks a significant milestone in our mission to make global payments simpler and safer for everyone. With our advanced API and validation capabilities, we are empowering institutions like Emirates NBD to proactively combat fraud and deliver seamless payment experiences. News Source: Burson Communications
