Eastnets and iPiD join forces to improve payment accuracy and fraud prevention globally

Of Fintech News Singapore
June 11, 2024

Eastnets, a global provider of compliance and payment solutions, has entered into a strategic partnership with iPiDa beneficiary name and bank account verification service.

This collaboration aims to improve the security and efficiency of payments for banks, businesses and financial institutions on a global scale.

Through iPiD’s real-time verification capabilities, Eastnets customers can confirm the name and bank account details of payment recipients before transactions occur.

This is especially important for instant payments, where funds are irrecoverable once sent. The service also helps you comply with new regulatory requirements designed to combat payment fraud.

This partnership will cover over 3 billion bank accounts in more than 6,000 financial institutions worldwide, including regions such as EU, UK, US, India, Pakistan, China, Indonesia, Nepal and Argentina.

Regulatory requirements such as the UK Confirmation of Payee (COP) and the Single Euro Payments Area (SEPA) Verification of Payee (VOP) require verification processes to ensure the security of transactions.

The partnership between Eastnets and iPiD will support institutions in complying with these regulations by September 2025, while protecting payers from fraud and errors in both cross-border and domestic transactions.

Deya Innab

“Partnering with iPiD is perfectly aligned with our mission to enable safe and secure participation in the global financial economy.

By integrating iPiD’s verification solutions, we enable our clients to comply with key regulations such as UK Payee Confirmation and SEPA Payee Verification, significantly reducing transaction risks.

said Deya Innab, deputy CEO of Eastnets.

Alain Raes

“We are excited to partner with Eastnets, a leader in financial security and compliance.

Our combined expertise will provide financial institutions with the tools needed to seamlessly process instant payments, reducing errors and fraud, and ensuring compliance with regulatory mandates around the world.”

said Alain Raes, co-founder and CCO of iPiD.

Featured image credit: Edited by Freepik

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