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iPiD & TransFi to enhance security & compliance in financial transactions

By Gloria Mathias

May 16, 2024

  • Belgium
  • Compliance Measures
  • Dubai
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iPiD, TransFi, Security, Compliance Measures, Financial Transactions, Payments Security, Fintech News, Fintech India News, Fintech Solutions, iPiD, a provider of global bank account verification solutions, and TransFi, a financial services platform, have announced their partnership. This alliance aims to fortify security and compliance measures within financial transactions, safeguarding customers against fraud and scams.

In an era marked by increasingly sophisticated digital threats, the verification of customers’ registered bank account details against their names is paramount for regulatory compliance and risk mitigation. Recognizing this imperative, TransFi has sought a robust solution to authenticate the ownership of bank accounts used in transactions.

“The collaboration between iPiD and TransFi represents a significant milestone in our shared commitment to ensuring the integrity and security of financial transactions,” remarked Alain Raes, CCO of iPiD. “By leveraging iPiD’s verification technology, TransFi will enhance its capabilities to verify customers’ bank account details and ownership, thereby mitigating the risks associated with unauthorized transactions.”

Without adequate verification mechanisms, there is a heightened risk of individuals using third-party accounts for personal trading activities, exposing both the platform and its users to potential vulnerabilities. This is a shared challenge among many financial service platforms, such as Transfi.

We are thrilled to enhance our partnership with iPiD, as it directly aligns with our mission to deliver secure and seamless financial transactions globally. This collaboration will not only strengthen our capabilities in fraud prevention but also ensure that our customers can conduct their financial activities with utmost confidence. Looking ahead, we are committed to continuously advancing our technology to meet the dynamic needs of the digital economy and maintain the trust our users place in us,” shared Raj Kamal, CEO TransFi.

The integration of iPiD’s verification technology will enable seamless authentication of TransFi’s customers’ bank account details, thereby reducing the risk of unauthorized transactions and enhancing overall compliance with regulatory standards.

Based in Singapore, iPiD has a solid presence in countries including India, Belgium, Malaysia, the Americas, Netherlands, Dubai, Spain, and Vietnam.

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