Verify payee name and bank account details
Fraud and failed payments are a growing problem for the payments industry. Authorised push payment fraud, when consumers and businesses are tricked into sending money to criminals using either stolen or invented identities, is a particularly worrying trend.
iPiD’s unique Validate solution enables you to reduce this fraud risk by validating the payee’s name and bank account details before your customer’s payment is made.
Validate provides reassurance to your customers that they are making a payment to a legitimate payee and the intended recipient.
As well as reducing fraudulent transactions, Validate helps payment service providers to reduce the rising cost of failed payments due to data errors.