iPiD & Eastnets team to combat financial fraud

By Gloria Mathias

Eastnets, a global compliance and payment solutions provider, has announced a strategic partnership with iPiD, a provider of 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 fraud.

“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 payment environment. This partnership will benefit over 3 billion bank accounts across 6,000+ financial institutions in regions and countries, including the EU, UK, USA, India, Pakistan, China, Indonesia, Nepal, and Argentina.

“We’re excited to partner with Eastnets, a leader in financial security and compliance,” said Alain Raes, co-founder and CCO of iPiD. “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.”

This partnership provides extra assurance to payers. Protecting them will allow Eastnet’s partners in the the EU and UK to adhere to the regulatory deadlines and protect the payers from fraud and errors in both cross-border and domestic transactions.