#Singapore #Nium #iPiD #VoP Compliance

Strategic Collaboration Between Nium and iPiD for Enhanced Payment Security

In an innovative move towards improving financial security in cross-border payments, Nium, a prominent global leader in real-time cross-border payments infrastructure, announced an enhanced collaboration with iPiD, an industry expert in Know Your Payee (KYP) solutions. This partnership expands Nium's account validation service, Verify, across Europe, leveraging cutting-edge technology to tackle the critical issues of fraud and compliance.

Nium's ability to provide real-time account validation plays a vital role in this partnership. Utilizing its advanced Verify technology, iPiD aims to improve its own validation capabilities while extending the reach of its KYP solutions. This collaboration reflects a mutual vision shared by both FinTech companies based in Singapore: to boost trust, reduce the risk of fraud, and adhere to the evolving regulatory demands within the cross-border payments landscape.

Regulatory Challenges Ahead

As the EU prepares to implement Voice of the Payee (VoP) regulations by October 2025, payment service providers (PSPs) will be required to not only verify the identities of payees but also prove that adequate verification processes were conducted. With this collaboration, Nium's Verify is set to provide comprehensive, audit-ready coverage across an additional 41 countries within the SEPA (Single Euro Payments Area) zone, complementing its existing account verification capabilities in a total of 25 countries worldwide.

Nium stands out as a provider with direct access to global Real-Time Payments (RTP) schemes, enhancing both the facilitation of payments and accountability in real-time account validation. The advanced verification capabilities delivered through this partnership not only result in cost savings related to fraud and operational errors but also enable institutions to meet stringent VoP compliance mandates with ease.

Enhancements Through Integration

The integration of iPiD's Node with Nium's Verify solution marks a significant advancement in payment security. This collaborative setup utilizes real-time API responses sourced from domestic RTP systems to ensure unmatched accuracy during transactions. iPiD Node takes this a step further by delivering evidence-ready audit logs—essential for navigating increasingly rigorous regulatory landscapes. Institutions utilizing this integration will benefit from the following:

• - Real-Time Request/Response Name-Checking Flows: Ensuring accurate and timely checks during the payment process.
• - Evidence-Ready Forensics and Audit Logs: Facilitating compliance with regulatory requirements and enabling sellers and buyers to maintain detailed transactional records.
• - Flexible Name-Matching Logic: Striking a balance between stringent security measures and user-friendly experiences.

This powerful collaboration addresses the evolving needs of the financial sector by fostering a system where security and compliance are at the forefront of payment processes. With this partnership, customers can experience significant reductions in false positives and the need for manual reviews, ultimately streamlining high-risk transactions across borders.

Vision for the Future

Damien Dugauquier, Co-founder and CEO at iPiD, commented on this strategic partnership, saying, “It's powerful when a trusted partner chooses to become a customer. We're proud to work alongside Nium—not just as fellow Singapore fintechs, but as like-minded teams solving the next generation of cross-border compliance and fraud challenges.”

Alexandra Johnson, Chief Payments Officer at Nium, echoed this sentiment by emphasizing the importance of building scalable and compliant infrastructures that go beyond simply processing payments. This strategic partnership aligns with their hope to serve the global economy better by providing customer-centric solutions that prioritize security across various financial transactions.

As Singapore continues to emerge as a focal point for innovative financial solutions, Nium and iPiD are poised to set new industry standards for payee verification. Combining real-time intelligence, regulatory readiness, and collaborative efforts, the pair is taking significant steps to ensure that global payments not only become safer but smarter as well.

Conclusion

In conclusion, the collaboration between Nium and iPiD is a landmark step towards enhancing security, compliance, and overall operational efficiency in cross-border payment processing. As they prepare to rise to the challenges presented by emerging regulations and fraud prevention needs, the impact of this partnership could resonate throughout the financial sector, instilling greater trust and reliability in global transactions.