Complimentary White Paper
10 Questions to transform your cross-border payment experience
Payee Identification: The new customer experience game changer
White paper Overview
The financial sector is experiencing a significant transformation in cross-border payments, fuelled by the growing demand for simpler, safer, and more cost-efficient solutions. Learning from the successes of domestic payee identification methods, we illustrate the need for global interoperability and explain how iPiDs Validate API enhances cross-border payment experience, offering increased certainty in an otherwise complex process through real-time payee identification.
Key Takeaways
- The increasing demand for enhanced user experience and the expansion of the digitized payment landscape, encompassing cross-border transactions.
- The opportunity to improve fraud prevention providing reassurance to payers.
- The lack of name matching in current payment experiences and the growing necessity for robust validation measures due to the prevalence of Authorised Push Payments (APP) scams and fraud.
- The regulatory push across the world mandating real-time payee validation.
- The examination of various domestic payee identification methods, their merits, and a deep dive on the Confirmation of Payee scheme in the United Kingdom.
- The need and challenges associated with cross-border implementations.
- The benefits of a comprehensive solution like iPiD’s Validate that consolidates disparate payee identification schemes into a cohesive system for cross-border payments.
Our white paper presents an incisive examination of the challenges and requirements in cross-border payments and payee identification. We encourage you to delve into the document, where you will uncover how you can reduce drop-out rate, prevent misdirected payments, and reduce fraud risks in your cross-border payment business.
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