Experian and iPiD partner to bring UK businesses global bank account verification

Experian has partnered with iPiD to launch a global bank account verification tool for UK-based businesses. This technology aims to solve a major headache for retailers and service providers who operate across international borders: ensuring that the person they are paying (or collecting from) actually owns the bank account provided. By integrating iPiD’s 'Know Your Payee' (KYP) tech with Experian’s data, businesses can now verify account details in real-time across Europe and international markets. For merchants and financing operators, this is a significant step forward in fraud prevention. It reduces the risk of 'authorized push payment' (APP) fraud, where criminals trick businesses into sending money to the wrong accounts. It also cuts down on operational errors, such as failed transactions due to simple data entry mistakes. If your business model involves international payouts or complex supply chains, this tool provides a layer of security that was previously difficult to manage at scale. It essentially automates the due diligence process that used to require manual verification, allowing for faster, safer global transactions.

Source: Finextra — Lending

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