Emirates NBD Collaborates with iPiD for Reliable Global Payee Authentication
Emirates NBD, a prominent banking institution in the MENAT region, has announced a partnership with global Know Your Payee (KYP) validation provider, iPiD. This alliance will empower Emirates NBD to offer real-time beneficiary validation for cross-border payments, enabling customers to verify payee names, IBANs, and account numbers before initiating a payment. This service aims to combat fraud, prevent transaction mishaps due to inaccurate details, and augment efficiency.
By integrating iPiD's solution, Emirates NBD reinforces its fraud prevention strategy while preparing a foundation for scaleable payee verification across worldwide markets. This collaboration serves as a testament to Emirates NBD's standing in adopting progressive and advanced technologies to create a safer banking experience.
Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD stated,
Damien Dagauquier, CEO & Co-founder at iPiD, expressed,
The alliance between Emirates NBD and iPiD carries significant importance for several reasons:
- Enhanced Fraud Prevention: The partnership allows Emirates NBD to cross-check payee details in real-time, thereby minimizing the risk of fraudulent transactions.
- Prevention of Transaction Failures: Real-time validation reduces instances of transaction failures due to inaccurate details, ensuring smooth and effective payment processing.
- Efficiency and Scalability: The collaboration streamlines the verification process for cross-border payments, allowing Emirates NBD to expand its payee verification capabilities globally.
The alliance positively impacts fraud prevention and efficiency by ensuring that payments are made to verified and legitimate beneficiaries, thereby enhancing transaction security. Additionally, the real-time validation process boosts efficiency by reducing transaction processing times and minimizing the need for manual intervention, leading to faster and more reliable cross-border payments. Ultimately, the partnership between Emirates NBD and iPiD significantly enhances the security and efficiency of cross-border payments by providing real-time beneficiary validation, thereby reducing fraud and transaction failures.
Anith Daniel, Group Head of Transaction Banking Services at Emirates NBD, highlighted that the collaboration with iPiD will support the bank's global payee verification, aiming for scalability and efficiency. Damien Dagauquier, CEO & Co-founder at iPiD, underlined the strategic importance of this partnership, as it will empower Emirates NBD to combat fraud and ensure smooth cross-border payments through real-time beneficiary validation. By cooperating in the field of banking technology, Emirates NBD and iPiD will strengthen the security and efficiency of worldwide financial transactions, promoting a safer business environment.
