Alfardan Exchange launches Qatar’s first real-time payee verification service with iPiD

By Gloria Methri

Alfardan Exchange has partnered with international FinTech firm iPiD to introduce the country’s first real-time payee verification service. This integration marks a significant step forward for the exchange industry in Qatar, enhancing security and transparency in cross-border transactions.

The new service is powered by iPiD Validate, a global API solution that enables the real-time verification of beneficiary details—specifically, the payee’s name and account number—prior to processing an international payment. The technology supports the growing need for advanced “Know Your Payee” (KYP) measures, helping to reduce fraud, prevent transaction errors, and increase customer confidence when sending funds overseas.

This development positions Alfardan Exchange as the first exchange house in Qatar to offer real-time beneficiary validation, reflecting a broader industry shift toward fraud prevention and operational efficiency in cross-border payments. It also aligns with global efforts to improve payment infrastructure by reducing failed transactions and improving the reliability of financial transfers.

The implementation of iPiD Validate is expected to significantly streamline the remittance process for customers. It will ensure that payments are directed to the correct recipients and eliminate the delays and costs associated with incorrect transfers.

Bashar Al Waqfi, CEO of Alfardan Exchange, stated, “Through our partnership with iPiD, we aim to offer a new generation of security and assurance to our clients’ remittance experience. As the first company in Qatar to launch an instant beneficiary validation service, we take pride in leading the adoption of innovations that bring trust, transparency, and efficiency to every transaction. I want to extend special thanks to the Qatar Central Bank for its ongoing support of the exchange sector in the country and for issuing regulations that encourage improved service quality and innovation.”

Damien Dugauquier, CEO and Co-Founder of iPiD, added, “This partnership is a bold step forward for Qatar’s payments ecosystem. Alfardan Exchange’s leadership in embracing real-time payee verification reflects a shared commitment to building trust, ensuring compliance, and protecting clients across borders. We’re proud to support their journey with the most comprehensive verification network globally.”

Alfardan Exchange’s partnership with iPiD demonstrates its commitment to adopting cutting-edge FinTech solutions to modernise money transfers and improve the customer experience. As the financial services sector in Qatar continues to evolve, innovations such as these are likely to play a critical role in shaping a safer and more efficient payments landscape.