Following this announcement, the collaboration is set to optimise the security and efficiency of payments for financial institutions, banks, corporates, and other companies. The firms are expected to reinforce the overall protection of their clients and suppliers against financial fraud around the world.
In addition, both Eastnets and iPiD will continue to focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Throughout this initiative, iPiD’s real-time verification capabilities will allow Eastnets’ clients and users to confirm the name and bank account details of payment beneficiaries before the actual transaction takes place. The tool represents an important part of ensuring the accuracy of instant payments, where funds are irrecoverable. This process also improves institutions' compliance with new regulatory requirements in order to combat payment fraud.
The partnership will align with the company’s mission to enable safe and efficient participation in the global financial economy. At the same time, it will also benefit multiple bank accounts across 6.000+ financial institutions in regions and countries. This will include areas such as the EU, UK, USA, India, Pakistan, China, Indonesia, Nepal, and Argentina.
The regulatory requirements, such as the UK's Confirmation of Payee (COP) and the SEPA Verification of Payee (VOP), represent mandate verification processes made in order to ensure secure transactions and compliance. They are expected to be finalised by September 2025. The collaboration will provide extra assurance to payers, as the process of protecting them will allow Eastnet’s partners in the regions of the EU and UK to adhere to the regulatory deadlines. Moreover, the deal is set to protect the payers from fraud and errors in both cross-border and domestic transactions.
The combined expertise and suite of solutions are expected to provide financial institutions with the needed products for secure and efficient instant payment processing. The partnership will also reduce errors and fraud, while also ensuring compliance with regulatory mandates around the world.
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