Banqup Group has entered into a collaboration with iPiD to improve its ability to safeguard businesses against invoice fraud and scale payment security.
Through this partnership, Banqup is set to be able to ensure compliance with Verification of Payee (VoP) regulations across Europe and globally.
Mitigating invoice fraud
A key component of the collaboration is the integration of iPiD’s Know Your Payee (KYP) technology into the Banqup platform, which merges e-invoicing and payments in a secure and compliant environment. With this move, the two companies seek to address one of the most common forms of business fraud, specifically manipulated or spoofed payment instructions in digital invoices.
Furthermore, enabled by the iPiD Node, a service that validates payee account information in real time, the solution focuses on ensuring that payments go to the intended recipient, minimising the risk of misdirected funds and aligning with evolving VoP legislation across markets.
When it comes to Banqup users, the integration of iPiD’s verification layer allows every payment to benefit from additional protection without user experience disruption. Customers are set to be able to access a combination of document-driven processes, embedded payments, and intelligent payee verification. Commenting on the news, representatives from Banqup Group emphasised their company’s commitment to developing a platform that connects documents and payments in a simplified, compliant, and safe manner. By teaming up with iPiD, Banqup Group intends to take a more proactive approach against fraud, verifying the payee before a payment is made and providing users with more security.
Additionally, iPiD focuses its efforts on bringing global KYP capabilities to businesses, regardless of their size. Collaborating with Banqup Group is set to allow the company to provide on that commitment for Europe’s small and medium-sized enterprises (SMEs), supporting them in protecting their cash flow and transacting more confidently.
The partnership with Banqup Group follows iPiD Validate’s integration with Alfarda Exchange, which enabled the latter to verify payee details in real time before processing international remittance transactions. The adoption of this verification technology fell in line with the growing global demand for secure and transparent international money transfers.
