Singapore-based payment provider Triple-A has incorporated payee verification technology from iPiD to enhance its security protocols for fiat and stablecoin transactions. This integration is in line with upcoming European regulations that will implement Verification of Payee (VoP) rules, with the goal of mitigating fraud and misdirected transfers. By verifying recipient details in both on-ramp and off-ramp operations, Triple-A can ensure that digital currency and traditional payment systems operate under consistent security standards.

Strengthening Stablecoin Security

Triple-A officials emphasize the growing importance of stablecoins in global payment flows, underscoring the need for robust security measures. The adoption of iPiD’s solution signifies Triple-A’s commitment to applying consistent verification standards across both traditional and digital assets, thereby ensuring uniformity for all stakeholders including merchants, financial institutions, and consumers.

iPiD representatives highlight that payee verification should extend beyond conventional banking systems. They view the integration with Triple-A as a crucial step towards aligning stablecoin and fiat transaction safeguards, thus reducing the risk of fraud and erroneous transactions. This development also reflects Singapore’s role in fostering both innovation and regulatory oversight within the digital finance sector.

Founded in 2017, Triple-A offers global payment services for businesses to conduct cross-border digital currency transactions. Meanwhile, iPiD specializes in Know Your Payee (KYP) solutions designed to bolster transaction security across various financial institutions and payment providers.