The integration of iPiD Validate enables Alfardan Exchange to verify payee details in real-time before processing international remittance transactions. This real-time Know Your Payee (KYP) solution helps reduce fraud risk, minimise transaction failures, and improve the overall accuracy of cross-border payments.
While KYC is now a regulatory norm, KYP is still catching up in many regions. This gap leaves room for fraudsters to exploit weak points in payment systems. By adopting iPiD’s solution, Alfardan Exchange is helping to close that gap, bringing KYC-level scrutiny to the receiving end of international transfers.
This aligns with global trends in financial compliance. Institutions are moving toward “pre-validation” layers that reduce errors and enable smarter routing of payments, especially as instant payment rails become more common.
Through iPiD’s global API infrastructure, Alfardan Exchange can now assure customers sending money abroad, ensuring payments are delivered to the correct recipients. The adoption of this verification technology aligns with the growing global demand for secure and transparent international money transfers.
Fintech adoption in Qatar’s exchange industry
The development is expected to strengthen trust in international payments by offering clients increased transparency and reducing the likelihood of failed or misdirected transfers. As financial fraud and identity theft become more prevalent globally, such preventative technologies play a vital role in safeguarding customer transactions.
The launch of iPiD Validate also reflects broader regulatory efforts by the Qatar Central Bank to modernise the financial ecosystem. By encouraging financial institutions to adopt digital innovations that improve service quality and consumer protection, Qatar continues to reinforce its position as a fintech-forward market in the GCC region.
As demand for faster, more reliable remittance services continues to grow, Alfardan Exchange’s adoption of real-time payee verification demonstrates a proactive approach to meeting evolving customer needs while setting a new industry benchmark in Qatar.
