Singapore-based FX and payments provider for B2B companies Wallex has partnered with iPiD to improve the customer payment experience. Through this strategic collaboration, Wallex and iPiD intend to meet the growing demand for secure and improved payment infrastructures in the current financial landscape.

The two companies aim to deliver comprehensive end-to-end user verification and enhanced fraud prevention solutions that ensure increased security for all of Wallex’s customers. According to Wallex’s officials, the company is committed to offering increased speed, support, and savings to customers. The partnership with iPiD focuses on allowing the company to deliver greater safety through beneficiary validation solutions, with users being able to perform cross-border payments more efficiently and securely. Representatives from iPiD expressed their enthusiasm over the collaboration with Wallex, as the company focuses on providing a reliable cross-border payment experience for the latter’s customers.

By leveraging iPiD’s receiver identity verification features, Wallex’s customers benefit from more protection when making payments. iPiD’s solutions and capabilities With its operations founded in 2021, iPiD’s objective is to simplify cross-border payments by making them more convenient and secure. The company enters several partnerships with financial services providers, including banks, payment systems, payment fintechs, and wallets, to provide an addressing data platform that supports the payment industry in offering a more efficient and user-friendly payment experience.

Currently, iPiD’s suite includes two solutions, Validate and Fetch, with the former being an API service that integrates with a company’s payment systems to ensure that payments reach the intended recipients. The solution confirms payee names and bank account details in real-time, being able to verify identities accurately, regardless of their location within iPiD’s coverage. Additionally, Validate supports companies in reducing fraudulent activities, particularly authorised push payments (APP) fraud, enhancing customer experience, and boosting productivity.

All of iPiD’s solutions are developed according to data security and localisation requirements, with the company having a no-data storage policy and a decentralised model that supports the privacy and security of transactions. Furthermore, Fetch is a proxy addressing service that simplifies cross-border transactions by allowing customers to send payments to bank accounts using a phone number or other alias. iPiD’s solution retrieves the name and account details associated with the alias and completes the transaction conveniently. Fetch substitutes banking details with aliases and provides the capability to integrate with local proxy addressing solutions globally.

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