Banqup Group has teamed up with iPiD to enhance its capabilities in protecting businesses from invoice fraud and improving payment security.
Improving Compliance through Collaboration
The partnership will enable Banqup to ensure compliance with Verification of Payee (VoP) regulations across Europe and globally.
Mitigating Invoice Fraud Risks
One of the central aspects of this collaboration is the integration of iPiD’s Know Your Payee (KYP) technology into Banqup’s platform. This integration will unify e-invoicing and payments in a secure, compliant environment.
The solution provided by iPiD Node validates payee account information in real time, ensuring that funds are directed to the intended recipient and reducing the risk of misdirected payments. This aligns with evolving VoP legislation across different markets.
Enhanced User Experience
The integration of iPiD’s verification layer will protect every payment without disrupting the user experience for Banqup customers. This ensures a seamless combination of document-driven processes, embedded payments, and intelligent payee verification.
Representatives from Banqup Group highlighted their commitment to creating a platform that simplifies, complies with regulations, and remains safe for all users. By working with iPiD, they aim to be more proactive against fraud by verifying the payee before initiating any payment.
Supporting SMEs
iPiD focuses on providing global KYP capabilities for businesses of all sizes. The partnership with Banqup Group is expected to offer these services specifically to Europe’s small and medium-sized enterprises (SMEs), helping them safeguard their cash flow and conduct transactions more confidently.
Building on Previous Successes
The collaboration with Banqup Group follows iPiD’s successful integration of its validation technology with Alfarda Exchange. This allowed Alfarda to verify payee details in real time for international remittance transactions, addressing growing demands for secure and transparent global money transfers.
