Outgoing payments
Banks, payment fintechs, money transfer operators
When someone wants to send a payment across borders, the capture of a beneficiary’s account and other details is perhaps the most difficult step from a customer experience perspective. It can be daunting to figure out the right BIC code, branch name, IBAN, BSB code, IFSC code, etc.
Payment service providers face the challenge of handling any exceptions and investigations if something goes wrong – such as one small piece of information has been provided or input incorrectly. Unfortunately, things do go wrong quite often; and at a significant cost to the industry.
Payments can only be simple, painless and frictionless if customers are able to pay beneficiaries based on a piece of information they already know. What do they know? Typically, this is a phone number or email for individuals, or a unique reference number or QR code for businesses.
These identifiers are also known as proxies, or aliases.
iPiD enables proxy payments anywhere in the world with a single API powering the proxy look-up, request-to-pay, and pay-to-wallet services.
We make cross-border proxy payments possible thanks to API orchestration – a route finder – between payment providers and beneficiary institutions. We bridge the ‘data gap’ between multiple reference databases and payment systems. We do this at the same time as ensuring data privacy and complying with data sovereignty regulations. We do not access the account data, we do not own the data, we do not harvest the data. We orchestrate information flows, globally, between institutions sending payments and institutions receiving payments.
This means that we do the hard work in the background so that your customers can pay based on their proxy or alias.
Superior digital experience
Payment beneficiaries identified in one-click
Grow revenue
Attract more customers and payment volumes
Reduce costs
No more repairs and returns due to data errors
Incoming payments
Grow volumes and deposits
Become the institution to receive proxy payments from anywhere
Request money
Allow your customers to request a payment and track the execution
Save costs
No more repairs and returns due to data errors
Banks, payment fintechs, wallets
The capture of a beneficiary’s account and other details is perhaps the most difficult step from a customer experience perspective. Moreover, the pain is not limited to the sender.
The recipient must know all these relevant banking details, be certain that they are correct, and then share this sensitive information via the channel of their choice (such as by email or text). Recipient are then blind to the status of the payment until it reaches their account, when everything goes well.
Beneficiary institutions face the challenge of handling any exceptions and investigations if something goes wrong – such as one small piece of information has been provided or input incorrectly.
For wallets, the challenge is of a different nature. Wallets act as closed-loop environment domestically. However, closed-loop solutions have inherent limitations, not least that both the sender and the recipient of the payment must each join the same payment system before they can transact with each other. This is just not feasible on a cross-border basis, hence wallets must build bilateral integrations with many banks, payment fintechs and money transfer operators.
iPiD enables your customers to be paid in the bank account of wallet of their choice, based on their alias or proxy.
We make cross-border proxy payments possible thanks to the API orchestration – a route finder – between payment providers and beneficiary institutions. We bridge the ‘data gap’ between multiple reference databases and payment systems. We do this at the same time as ensuring data privacy and complying with data sovereignty regulations. We do not access the account data, we do not own the data, we do not harvest the data. We orchestrate information flows, globally, between institutions sending payments and institutions receiving payments.
Through one single API, iPiD allows your customers to receive and request proxy payments from all banks, payment fintechs and money transfer operators globally.
Further, the payment announcement allows you to inform your customers that a payment is on the way to them.
Closed-loop proxy addressing service
Banks, payment systems
Many mobile and e-commerce payment providers around the world have built their businesses on the convenience of alias or proxy-based payments. This is because they were early movers and their systems operate on a ‘closed-loop’, making them easy to use and popular with consumers.
Banks and other financial institutions increasingly understand the need to improve user experience as a means of customer retention and they want to offer similar proxy-based services, particularly in the cross-border payment space. However, in the absence of a global addressing solution, they face the cost and effort of building their own service based on proprietary requirements.
iPiD provides a ready-made proxy look-up (addressing) solution that banks and payment systems can deploy effortlessly.
As well as being cost effective and providing cutting-edge security, the iPiD solution is designed with interoperability in mind. This means banks and payment systems can extend the proxy payment functionality outside of closed-loop environments without any need for system changes.
Plug and play
Ready-made solution deployed in your environment
Interoperable
Interoperable by design with other actors in the iPiD ecosystem
Discover the different ways you can make payments as easy as text messages for your customers
Proxy addressing
Enable your customers to do cross-border payments to bank accounts based on a phone number or another alias. The iPiD API retrieves name and account details mapped to the alias provided by your customers.
Request-to-pay
Enable your customers to send and receive payment requests, anywhere in the world based on an alias. Payers execute the payment with the provider of their choice and iPiD helps payees to get notified when the payment is executed.
Pay-to-wallets
Enable your customers to send cross-border payments to wallets. The iPiD API allows you to integrate with wallets globally through one single standardized APIl, without intermediating the settlement flows through iPiD.
