Emirates NBD has entered into a partnership with iPiD, a Singapore-based provider of Know Your Payee (KYP) validation services.
The collaboration aims to enhance the bank’s cross-border payment processes by enabling real-time beneficiary validation.
Through the integration of iPiD’s technology, customers will be able to verify payee names, IBANs, and account numbers before initiating a payment.
This is expected to reduce the risk of fraud, prevent transaction errors caused by incorrect details, and improve overall efficiency.
The move is part of Emirates NBD’s wider efforts to strengthen its fraud prevention measures and expand its capacity for payee verification across international markets.
Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, said:
“At Emirates NBD we are committed to delivering an exceptional digital experience for our customers, underpinned by robust security and trust. Our partnership with iPiD, bringing global payee verification capabilities to enhance cross-border payments, reinforces this commitment. Together, we are ensuring safer, more efficient digital payments for our customers, domestically or across borders.”
Damien Dagauquier, CEO and Co-founder of iPiD, added:
“With our advanced API and validation capabilities, we are empowering institutions like Emirates NBD to proactively combat fraud and deliver seamless payment experiences.”
Featured image credit: Emirates NBD
