iPiD Global Verification of Payee Solution

International Payments Identity (iPiD) PTE. LTD.

The New Gold Standard in Payments

The global payment landscape is changing. The rise of digital and instant payments have made authorized push payment (APP) fraud one of the biggest institutional risk factors for both financial and reputational loss. Customers expect you, their payment service providers, to protect them from failed or misdirected payments.

Enter the new gold standard payment experience. By allowing for real-time payment pre-validation, failures are pre-empted and repaired, and malicious parties are identified before anything untoward occurs. iPiD has built a global validation network that allows inquirers to check for both the existence and ownership of the intended payee account and regularizes responses to ensure a consistent level of validation regardless of recipient country.

iPiD’s Global Verification of Payee

iPiD boasts the largest global bank account validation network, covering over 15 countries and 2.7 billion accounts via its API-based Validate service. The service offers the following:

Full Validation (15+ countries) – account existence check, account ownership check and name match, currency validation, and more!
Logic/Syntax-based validation (IBANs) – length, structure and check digit validation; bank details elaboration (provides bank name, bank code, bic code, bank address, and more)

iPiD’s approach to bank account validation is simple. Validation is done by looking up an account and/or institution id and checking whether the intended recipient's name matches with the actual owner as per bank records. This is done by connecting to a network of local schemes and partners, with an underlying philosophy of data security via end-to-end encryption, representative coverage by leveraging local payment schemes and systems, and identity check through a best-in-class name match algorithm. Via iPiD Validate, clients ensure payments go to their intended recipients and fraud is prevented.

About iPiD

iPiD is a fast-growing, venture-backed fintech start-up that was founded in late 2021 by a global team of senior leaders from major technology and payment companies, including SWIFT and Thomson Reuters. iPiD’s vision is to make cross-border payments easy, secure, and seamless by facilitating trust in the global financial ecosystem. iPiD is built for all – we do not replace banks, payment fintechs, wallets, or remittance companies; nor do we replace existing payment rails. Instead, we listen to partner needs and anticipate the trajectory of the industry to co-create and build complementary services that deliver on real service gaps and solve real problems.

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