Deepening strategic partnership: Nium and iPiD aiming to progress Voice Over IP (VoP) regulatory compliance and worldwide fraud mitigation efforts
In a significant move, fintech leaders Nium and iPiD have joined forces to create a more secure, compliant, and scalable financial infrastructure on the global stage. This collaboration, which reflects the growing synergy between Singapore's fintech pioneers, is set to revolutionise cross-border payments.
By October 2025, payment service providers in the EU will be required to verify payee details and demonstrate verification attempts. Recognising this regulatory demand, Nium and iPiD's partnership ensures that they can meet these requirements effectively.
The partnership involves a mutual integration of technologies. iPiD will utilise Nium's Verify infrastructure to enhance its validation capabilities, while Nium will leverage iPiD Node to extend its reach in the EU. This integration provides audit-ready coverage in all 41 SEPA countries, complementing Nium's existing instant account verification in 25 markets.
The collaboration enables real-time name checking, evidence-ready audit logs, and flexible matching logic. This not only ensures compliance but also balances security with user experience, reducing false positives in high-risk transactions.
By verifying payee details before payments are made, the partnership significantly reduces the risk of fraud and human error, ensuring that transactions are safer and more accurate. This proactive stance against fraud aligns with the regulatory requirements and enhances the overall security of cross-border payments.
Alexandra Johnson, Chief Payments Officer at Nium, stated that the collaboration deepens their relationship with iPiD, enabling them to scale their Verify solution for account validation with confidence. The integration of iPiD Node adds advanced capabilities in the EU, including real-time request/response name-checking flows.
A leading global remittance provider saw their error rates reduce from 1.41% to 0.34% after implementing Nium's Verify service. iPiD taps into Nium's established account verification infrastructure to enhance its global coverage.
Together, Nium and iPiD are setting a new standard for payee verification, combining real-time intelligence, regulatory readiness, and ecosystem collaboration to make global payments safer and smarter. The solution provides unmatched accuracy and fraud prevention for cross-border transactions.
[1] EU Payment Services Directive 2 (PSD2) - Verification of Payee (VoP) Requirements [2] Nium Expands Account Validation Service, Verify, in Europe [3] iPiD Node - Compliance-Ready Infrastructure [4] Nium Provides Direct Access to Global RTP Schemes [5] Reducing Fraud and Error Related Costs for Customers
- To abide by the EU Payment Services Directive 2 (PSD2)'s Verification of Payee (VoP) requirements, Nium's partnership with iPiD ensures that they can efficiently and effectively demonstrate payee detail verification.
- Recognizing the growing necessity for global coverage, iPiD integrates Nium's Verify infrastructure to expand its account validation capabilities, providing a compliant financial infrastructure for cross-border payments.
- The collaboration between Nium and iPiD offers both entities the ability to leverage advanced technologies, allowing iPiD Node to ensure compliance-readiness while Nium benefits from enhanced reach in the EU, optimizing security in cross-border transactions.
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