Alfardan Exchange, a Qatar-based company specialising in currency exchange, financial transfers, and precious metals, has partnered with iPiD, a Singapore-based fintech firm focused on beneficiary validation solutions, to introduce the first real time beneficiary validation service in Qatar’s exchange industry.

Through the integration of iPiD Validate, Alfardan Exchange has implemented a system that enables real time verification of payee names and account numbers before a payment is processed.

This Know Your Payee (KYP) solution aims to reduce fraud, prevent transaction failures, and improve the reliability of cross-border money transfers.

Bashar al-Waqfi, Chief Executive Officer of Alfardan Exchange, said:

“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.”

Damien Dugauquier, Chief Executive Officer and co-founder of iPiD, said:

“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 are proud to support their journey with the most comprehensive verification network globally.”

The integration represents a notable development for Qatar’s exchange sector.

At present, it is the only service of its kind available in the country.

Featured image credit: edited from freepik