iPiD has announced two partnerships in Korea, with DOZN and Hana Bank, to extend payee verification across domestic and cross-border payment corridors.
The announcements mark a significant step in iPiD's expansion into the Korean market and signal growing demand among Korean financial institutions for cross-border payee verification infrastructure.
Under the first agreement, DOZN will act as a reseller of iPiD Validate, representing a single global API for real-time payee verification, distributing the service to financial institutions, payment service providers, and corporates across Korea. Through this arrangement, DOZN customers will gain access to bank account verification, name matching, account confirmation, and pre-payment checks, without needing to build independent verification infrastructure.
Korea's rapid expansion in digital payments and cross-border commerce has brought with it increased exposure to fraud, misdirected payments, and operational inefficiency. By integrating iPiD Validate through a single API, DOZN's clients will have the possibility to activate KYP capability quickly, leveraging DOZN's established commercial presence rather than approaching institutions individually.
Hana Bank adopts iPiD Node for CoP and VoP compliance
The second announcement sees Hana Bank deploy iPiD Node, iPiD's participation-layer solution, to meet compliance requirements under both CoP in the UK and VoP in the EU through a single integration. The deployment enables beneficiary name-to-account matching in real time before funds are transferred, reducing misdirected payments and limiting exposure to Authorised Push Payment (APP) fraud.
Cross-border payments are central to Hana Bank's service offering, covering SME exporters operating in the UK and Europe as well as individuals making recurring international payments such as tuition fees and rent. Real-time payee confirmation within the bank's own channels provides these customers with optimised certainty before a payment is sent.
Moreover, the regulatory context is relevant here. In the UK, CoP has been in place since 2020 and was extended to a broader set of payment service providers in 2023. The EU's VoP requirement, introduced under the Instant Payments Regulation, requires payment service providers to verify payee details before processing credit transfers. iPiD Node's architecture is designed to accommodate additional verification schemes as they emerge, meaning the infrastructure deployed for current obligations can be extended without further integration work.
Korean market gaining strategic importance for KYP providers
Taken together, the two announcements reflect a broader shift in how Korean financial institutions are approaching cross-border payment infrastructure. While Korea has not introduced mandatory domestic payee verification schemes equivalent to CoP or VoP, institutions serving international corridors are increasingly adopting KYP tools as compliance requirements in destination markets extend their reach to sending institutions.
For iPiD, the two-track approach (combining local distribution through DOZN with direct bank deployments) suggests a strategy of building market presence through both commercial partnerships and scheme-grade compliance solutions simultaneously.
