Eastnets & iPiD Collaborate To Strengthen Security Against Financial Fraud

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 aims to enhance the security and efficiency of payments for banks, corporations, and other financial institutions, reinforcing the protection of their customers and suppliers against financial fraud globally.

Enhanced Verification Services

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 occurs. This service is vital for ensuring the accuracy of instant payments, where funds are irrecoverable. Additionally, it 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.”

Addressing Sophisticated Fraud Threats

The financial sector is facing an increasing need for robust security measures as fraud threats become more sophisticated, especially in an instant payment environment. Instant payments, which are irrevocable, demand enhanced verification processes to protect against fraud. This partnership will benefit over 3 billion bank accounts across more than 6,000 financial institutions in regions and countries including the EU, UK, USA, India, Pakistan, China, Indonesia, Nepal, and Argentina.

Compliance with Regulatory Requirements

“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.”

Regulatory requirements such as the UK's Confirmation of Payee (COP) and the SEPA Verification of Payee (VOP) mandate verification processes to ensure secure transactions and compliance by September 2025. This partnership provides extra assurance to payers, enabling Eastnets' partners in the EU and UK to adhere to the regulatory deadlines while protecting payers from fraud and errors in both cross-border and domestic transactions.