Nium and iPiD boost their strategic partnership, aiming to progress Voice-over-Protocol (VoP) compliance and global fraud deterrence.

Nium and iPiD boost their strategic partnership, aiming to progress Voice-over-Protocol (VoP) compliance and global fraud deterrence.

Nium and iPiD Collaborate to Strengthen European Payments Infrastructure

Nium, a leading global infrastructure for real-time cross-border payments, has expanded its Verify account validation service in Europe through a partnership with iPiD. This collaboration aims to set a new standard for payee verification, making global payments safer and smarter.

With this expanded partnership, Nium's Verify solution, in conjunction with iPiD Node, leverages real-time API responses from domestic RTP systems for unmatched accuracy and fraud prevention. This integration extends the reach of Nium's Verify solution in the EU, providing audit-ready coverage in the additional 41 countries of the SEPA zone.

The collaboration addresses the EU’s Verification of Payee (VoP) regulatory requirements, which come into force by October 2025. Payment service providers (PSPs) must now verify payee details during transactions and maintain audit-ready logs of all verification attempts to comply with these regulations. Nium’s Verify, integrated with iPiD Node, provides this capability, ensuring PSPs meet compliance while minimizing false positives and reducing the need for manual transaction reviews.

The benefits of this expansion and partnership include improved trust and fraud prevention, compliance with evolving regulatory standards, broader European coverage, and significant error rate reduction. Customers have reported error rate reductions after implementing Verify, such as a decrease from 1.41% to 0.34% error rate, leading to cost savings.

The partnership empowers payment providers to process payments with higher confidence in payee authenticity, mitigating risks of fraud and mistaken payments. It also allows them to demonstrate compliance to regulators efficiently through detailed, audit-ready verification records. Furthermore, it expands their real-time payment capabilities across Europe and beyond, facilitating faster, safer cross-border transactions.

Nium remains unique in offering direct connectivity to global real-time payment schemes for both payments and validation, while iPiD enhances these capabilities with its Know Your Payee (KYP) technology. This combined service offers a robust solution for the regulatory landscape and security challenges in European cross-border payments.

Alexandra Johnson, Chief Payments Officer at Nium, stated that deepening their relationship with iPiD allows them to further scale their Verify solution for account validation with confidence. The collaboration marks a mutual partnership between two of Singapore's most prominent fintech innovators.

Damien Dugauquier, Co-founder & CEO at iPiD, stated that they are proud to work alongside Nium. By tapping into Nium's established account verification infrastructure, iPiD is able to enhance its global coverage. The integration of iPiD Node provides advanced capabilities in the EU, including real-time request/response name-checking flows.

The collaboration between Nium and iPiD reflects growing synergy between Singapore's fintech leaders in advancing secure, compliant, and scalable financial infrastructure on the global stage.

[1] Nium Press Release: "Nium expands its Verify account validation service across Europe" [2] iPiD Press Release: "iPiD and Nium partner to enhance European payee verification" [3] Single Euro Payments Area (SEPA) official website: https://www.sepa.eu/ [4] EU Verification of Payee (VoP) regulatory requirements: https://ec.europa.eu/info/business-economy-euro/banking-and-finance/payment-and-transfers/single-euro-payments-area-sepa/verification-of-payee-voP_en

1. ffnews.com may feature articles about the recent collaboration between Nium and iPiD, as they work together to improve European payments infrastructure and adhere to the upcoming Verification of Payee (VoP) regulatory requirements.
2. This partnership between Nium and iPiD, focused on finance and technology, could potentially expand their business reach and coverage in general-news discussions about the advancements in cross-border payment solutions in Europe.

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