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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

  1. The increasing demand for enhanced user experience and the expansion of the digitized payment landscape, encompassing cross-border transactions.
  2. The opportunity to improve fraud prevention providing reassurance to payers.
  3. 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.
  4. The regulatory push across the world mandating real-time payee validation.
  5. The examination of various domestic payee identification methods, their merits, and a deep dive on the Confirmation of Payee scheme in the United Kingdom.
  6. The need and challenges associated with cross-border implementations.
  7. 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.

Download your complimentary white paper below.

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