Mumbai, India – 6 September 2023 : As digital payments continue to gain ground overshadowing traditional cash transactions, the demand for secure and efficient payment platforms is on the rise. Against this backdrop, Singapore based International Payments Identity (iPiD), and Digit9 – a product of LuLu Money (Singapore) Pte. Ltd., and a wholly owned subsidiary of the Abu Dhabi based financial services conglomerate LuLu Financial Holdings, have signed a strategic partnership on the sidelines of the ongoing Global Fintech Fest 2023 being held at Mumbai, India, to address this crucial industry need.
The partnership expands Digit9’s reach, allowing its users the additional benefit of payee verification on its proprietary remittance-as-a-service (RaaS) platform when sending real-time payments globally to India, USA, China, South Korea, Indonesia, Vietnam and Nepal among other countries. This includes the ability to instantly fetch and verify the authenticity of the payee name, bank account and mobile wallet details while adding a beneficiary for cross-border transactions.
With this integration, customers can enjoy the peace of mind that their payments are executed with unmatched precision and security, minimizing the risk of fraud and ensuring seamless transactions. iPid thus ensures for it’s customers a greater control over their financial activities, making it easier and safer to manage finances across borders.
Commenting on the partnership, Mr. Richard Wason, CEO, LuLu Financial Holdings, said, “Security and compliance are the cornerstone of the cross-border payments industry today, for their role in reducing costs, processing time and transparency. We are delighted to partner with iPiD to improve the quality of our services by ensuring the accuracy of beneficiary account information, thus guaranteeing peace of mind for our valuable customers.”
Alain Raes, Founding Partner and Chief Commercial Officer of iPiD, expressed, “Digit9 is emerging as one of the most promising remittance platforms across the Middle East and Asia. We believe that the receiver identity verification capabilities offered by iPiD would enhance the operational robustness of the Digit9 platform by offering Digit9’s customers with a secure and intuitive platform for cross border payments”
iPiD is a fast-growing, venture-backed fintech start-up that was founded in late 2021 by a global team who have held senior roles at major payments and technology companies, including SWIFT and Thomson Reuters. In addition to our HQ in Singapore, our global team has representatives in India, Belgium, Malaysia, Netherlands, UAE, Spain, and Vietnam.
iPiD’s vision is to make cross-border payments easy, secure, and seamless. We achieve this by partnering with financial services providers (banks, payment systems, payment fintechs, wallets…) to deliver an addressing data platform that helps the payment industry to provide a more efficient and user-friendly payment journey. iPiD is built for all – we do not replace banks, payment fintechs, wallets or remittance companies; nor do we replace existing payment rails. Our Advisory Board includes senior figures from across the industry: Christian Sarafidis, Microsoft Chief Business Development Officer WWFSI; Kosta Peric, Deputy Director, Financial Services for the Poor, the Bill & Melinda Gates Foundation; and Nick Lewins, former banking Chief Technology Officer and now an advisor in data and AI, cloud technology and digital transformation.
For more information, contact [email protected]
Digit9 is a product of LuLu Money (Singapore) Pte. Ltd - a wholly owned subsidiary of the Abu Dhabi based financial services conglomerate LuLu Financial Holdings which has a presence in over 10 countries, managing a network of 300+ branches and digital payment assets across the Middle East, Indian sub-continent and APAC regions. Digit9 is a RaaS provider focusing on cross-border payments and real-time payments networks designed for financial institutions and FinTech.
For more information, visit www.digitnine.com/