iPiD partners with iBanFirst to improve payee verification

The collaboration enables iBanFirst to implement Confirmation of Payee (CoP) in the UK and Verification of Payee (VoP) across the European Union (EU), ahead of scheduled regulatory deadlines. 

In essence, this integration aims to streamline the process of payee verification within cross-border payments, offering an advanced solution with iPiD Validate, which is intended to improve both payment security and customer experience. 

iPiD's solution is designed to reduce fraud risks while simplifying compliance processes, aiming to provide a more efficient and secure experience for both businesses and customers. iBanFirst chose iPiD's technology for its ability to provide a comprehensive and integrated platform.  

By consolidating CoP, VoP, and cross-border payment validation into a single solution, the partnership reduces operational complexity and eliminates the need for multiple integrations. Additionally, iPiD’s expertise in KYP solutions helps ensure compliance with evolving regulatory standards, providing enhanced security across payments.

Statements from leadership 

In the official press release, representatives from iPiD, noted that the partnership highlights the role of advanced payment validation technologies in creating more secure and customer-focused payment solutions in the European market. 

In turn, representatives from iBanFirst highlighted that the integration of iPiD's solutions has the potential to strengthen their market position and help them uphold their commitment to providing secure and seamless payment experiences for clients.
 

More information about the two companies 

iPiD specialises in KYP solutions, focusing on payee verification technology for financial institutions and fintech companies. Their offerings are designed to optimise payment processes while addressing fraud prevention and regulatory compliance. 

As for iBanFirst, it provides businesses with an alternative solution for international payments. The company combines an advanced platform with expert foreign exchange support, offering services across multiple European countries. The company is regulated by the National Bank of Belgium as a payment institution, authorised to operate throughout the EU.