iPiD (International Payment Identity is a fintech company specializing in global payee verification and identification solutions. Established in 2021 by former Swift executives, iPiD aims to enhance the security and efficiency of international payments by reducing fraud and minimizing payment errors. Their platform offers real-time validation of payee details, ensuring that funds are accurately directed to the intended recipients. By integrating seamlessly with existing payment infrastructures, iPiD provides a streamlined and secure payment experience for financial institutions and their customers.
Key Features and Functionality:
- Global Payee Verification: iPiD's platform supports real-time validation of payee names and bank account details across over 2.8 billion accounts and 6,000 banks worldwide, covering approximately 85% of the banked population.
- Compliance Support: The platform assists payment service providers in adhering to regulatory requirements such as the EU's Verification of Payee (VoP and the UK's Confirmation of Payee (CoP, ensuring compliance with evolving mandates.
- Fraud Prevention: By verifying payee details before transactions are executed, iPiD helps reduce authorized push payment (APP fraud and misdirected funds, enhancing overall payment security.
- Seamless Integration: iPiD offers a single API that integrates with existing payment systems, facilitating efficient transactions without the need for major technical overhauls.
- Proxy Addressing Service: The 'Fetch' solution allows users to make international payments using a phone number or other alias, connecting to local proxy addressing services to retrieve the correct account details.
Primary Value and Problem Solved:
iPiD addresses the critical challenges of fraud and payment errors in the global payment industry. By providing real-time payee verification, the platform ensures that payments reach the correct recipients, thereby reducing the incidence of failed transactions and unauthorized transfers. This not only enhances the security and reliability of international payments but also helps financial institutions comply with regulatory requirements, ultimately building trust and confidence among users.
