Eastnets and iPiD join forces

This post was originally published on Finextra (Security)

Eastnets, a global leader in compliance and payment solutions, has announced a strategic partnership with iPiD, a leading provider of beneficiary name and bank account verification services.

This collaboration will enhance the security and efficiency of payments for banks, corporates, and other financial institutions, reinforcing the protection of their customers and suppliers against financial fraud globally.

iPiD’s real-time verification capabilities will allow Eastnets’ customers to confirm the name and bank account details of payment beneficiaries before the actual transaction happens . This service is vital for ensuring the accuracy of instant payments, where funds are irrecoverable. It also helps institutions comply with new regulatory requirements to combat payment frauds.

“Partnering with iPiD perfectly aligns with our mission to enable safe and secure participation in the global financial economy,” said Deya Innab, Eastnets’ Deputy CEO. “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.”

The financial sector is facing an increasing need for robust security measures as fraud threats become more sophisticated, especially in an instant payments environment. Instant payments – which are irrevocable – demand enhanced verification processes to protect against

Read the rest of this post, which was originally published on Finextra (Security).

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