Nium and iPiD Collaborate to Enhance Payment Compliance Solutions
Nium and iPiD Strengthen Their Strategic Partnership
Nium, the leading provider of global infrastructure for real-time cross-border payments, has recently announced an exciting development in its strategic collaboration with iPiD, renowned for its Know Your Payee (KYP) solution, iPiD Node. This partnership sees the enhancement of Nium's Verify service, an account validation platform, now extending its reach in Europe. By integrating their technologies, both companies are poised to improve their validation capabilities exponentially.
Enhancing Verification Capabilities
The collaboration between Nium and iPiD aims to respond to growing demands in payment regulations, particularly as Voice of Payee (VoP) verification requirements become forthcoming in Europe. As payment service providers prepare for this new standard, they are required to validate payee details rigorously. This partnership offers a detailed approach to account verification, ensuring not only compliance but also reliable documentation of the validation process.
Technological Innovations and Results
Nium holds a distinct position as the only provider with direct access to global real-time payment schemes, enriching both payment and validation processes. Through the integration of iPiD Node with Nium’s infrastructure, clients have reaped significant financial benefits by decreasing costly fraud and errors. Notably, one global remittance service saw a drastic error rate reduction, highlighting the efficacy of Nium’s Verify technology.
Continuous Improvement and Trust
According to iPiD's Co-founder and CEO, Damien Dugauquier, their partnership with Nium signifies a powerful symbiosis aimed at addressing evolving cross-border compliance and fraud challenges. Together, they strive to elevate the payment verification experience by ensuring real-time accuracy and fostering stronger trust in financial transactions.
New Features and Compliance Readiness
The combination of Nium’s infrastructure with iPiD's KYP capabilities brings forth advanced functionalities, particularly in European markets, which include:
- Real-time name-checking flows to enhance verification accuracy.
- Forensics and audit logs prepared for regulatory scrutiny.
- Adaptive name-matching strategies balancing security needs with user experience.
Future Directions for Payment Solutions
Nium's Chief Payments Officer, Alexandra Johnson, emphasized the importance of developing infrastructure that not only meets regulatory compliance but also prioritizes customer experience. By embedding their solutions into everyday banking, they aim to deliver a robust, scalable model that drives customer satisfaction and trust.
Conclusion: Setting New Standards in Payment Verification
The partnership between Nium and iPiD exemplifies a growing trend among Singapore’s fintech innovators, working together to create secure and compliant financial landscapes on an international scale. Their shared goals include leveraging real-time intelligence and regulatory readiness to enhance the safety and efficiency of global payments.
About Nium
Nium was established to redefine the infrastructure for real-time cross-border payments, driven by a mission to shape the future of global payments for banks, fintechs, and businesses of all sizes. With an expansive payout network across 190 countries and support for over 100 currencies, Nium facilitates rapid fund transfers, card disbursements, and regulatory compliance on a global scale.
About iPiD
iPiD specializes in payee verification through its KYP solutions, enabling banks and payment service providers to enhance transaction security, minimize errors, and adhere to compliance regulations effectively, significantly elevating the financial transaction landscape.
Frequently Asked Questions
What is the goal of the Nium and iPiD partnership?
The partnership aims to enhance payment verification and compliance solutions, especially in the context of emerging regulations in Europe.
What does Nium's Verify service offer?
Nium's Verify service provides account validation technology that helps reduce fraud and error rates in payment processing.
How does iPiD’s technology contribute to fraud prevention?
iPiD's solutions enable institutions to meet VoP compliance requirements while minimizing false positives and manual reviews in transactions.
What industries benefit from this collaboration?
Primarily, fintech companies and payment service providers benefit from improved verification processes and compliance measures.
How is Nium positioned in the market?
Nium is distinguished as the only provider with direct access to global RTP schemes for real-time payment validation and processing.
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