Eastnets and iPiD Join Forces to Improve Global Payment Accuracy, Fraud Prevention

Eastnets and iPiD Join Forces to Improve Global Payment Accuracy, Fraud Prevention

by June 11, 2024

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

This collaboration aims to enhance payment security and efficiency for banks, corporations, and financial institutions on a global scale.

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

This is particularly crucial for instant payments, where funds are irrecoverable once sent. The service also aids in compliance with new regulatory requirements designed to combat payment fraud.

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

Regulatory requirements like the UK’s Confirmation of Payee (COP) and Single Euro Payments Area’s (SEPA) Verification of Payee (VOP) necessitate verification processes to ensure secure transactions.

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

Deya Innab

Deya Innab

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

 

By integrating iPiD’s verification solutions, we empower our clients to comply with critical regulations like the UK’s Confirmation of Payee and SEPA’s Verification of Payee, significantly reducing transaction risks.”

said Deya Innab, Eastnets’ Deputy CEO.

Alain Raes

Alain Raes

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

 

Our combined expertise will provide financial institutions with the tools needed for smooth instant payment processing, reducing errors and fraud, and ensuring compliance with regulatory mandates across the world.”

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

 

Featured image credit: Edited from Freepik