However, the industry faces significant challenges related to payment security, fraud, and compliance, resulting in substantial financial losses and hindering the efficiency of international transactions. The estimated cost of failed payments alone is a staggering USD 118.5 billion. The root of the problem is a fragmented ecosystem, exacerbated by an influx of real time payments (RTP) rails and embedded payment providers, brought on by advancements in tech and substantial venture funding. Many major financial and payment institutions have attempted to address these problems but have been largely unsuccessful. The solution requires a neutral third party equipped with a bank-grade technology stack to securely and effectively manage information transfer.

iPiD (International Payment Identity) is well-positioned to tackle these challenges, with their advanced payee verification and identification solutions. Founded in 2021 by a team of former Swift executives, iPiD leverages deep industry knowledge and cutting-edge technology to create a seamless and secure payment environment. Their flagship product, Validate, confirms payee names and bank account details, significantly reducing the risks of fraud and payment failures. This not only enhances customer experience but also addresses the critical issue of authorized push payment (APP) fraud.

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iPiD stands out for several reasons. The founding team’s extensive experience in the payments industry, including CEO Damien Dugauquier’s background in collaborating with financial institutions and corporates across Asia and Europe, equips them with a combined with their deep understanding of the problem space. Their vision and expertise provide a solid foundation for scaling their innovative solutions globally.

The landscape is also ripe with opportunity. In Europe, an incoming regulation will require all payment service providers to offer pre-transaction customer verification by October 2025. iPiD provides an all-in-one node capable of responding to and requesting IBAN verification with thousands of PSPs across Europe. With a significant presence in Southeast Asia, iPiD is also well-positioned to capitalize on the region's vibrant economies and large remittance flows.

We are excited to partner with iPiD as they embark on this journey to revolutionize global payments. By addressing a problem that disproportionately affects individuals in countries with less robust financial infrastructure, iPiD's technology has the potential to impact countless lives. Today the company has already established a global validation network covering over 2.8 billion accounts and 6,000 banks across six continents. Their solutions promise to provide safer and more reliable cross-border transactions worldwide, ensuring that everyone, regardless of location, can participate securely in the global economy.