Through a strategic partnership, Banqup Group has joined forces with iPiD to enhance its capabilities in protecting businesses from invoice fraud and ensuring secure payments.
Mitigating Invoice Fraud
The collaboration involves integrating iPiD’s Know Your Payee (KYP) technology into the Banqup platform, which combines e-invoicing and payments within a secure environment. This move aims to combat one of the most prevalent forms of business fraud—manipulated or spoofed payment instructions in digital invoices.
Utilizing iPiD Node’s real-time validation service for payee account information, this solution ensures that payments reach their intended recipients, thereby minimizing the risk of misdirected funds and aligning with emerging Verification of Payee (VoP) regulations across different markets.
For Banqup users, the integration of iPiD’s verification feature adds an extra layer of protection to each payment without disrupting the user experience. This combination of document-driven processes, embedded payments, and intelligent payee verification is designed to simplify, comply with, and secure business transactions. Banqup representatives highlighted their commitment to creating a platform that streamlines documents and payments in a safe and compliant manner.
By partnering with iPiD, Banqup Group plans to adopt a proactive approach against fraud by verifying payees before any payment is made, thereby enhancing the overall security for its users. This partnership underscores Banqup’s dedication to safeguarding cash flows and fostering more confident transactions among small and medium-sized enterprises (SMEs) in Europe.
Following iPiD Validate’s integration with Alfarda Exchange, which enabled real-time payee verification before processing international remittance transactions, the collaboration between Banqup Group and iPiD aligns with the increasing global demand for secure and transparent financial transfers. This partnership is expected to bring enhanced KYP capabilities to a broader range of businesses.