Experian and iPiD team up to bring global bank account verification to UK businesses

Source: iPiD

iPiD, the global leader in payee verification, or Know Your Payee (KYP) and Experian, the global data and technology company, have announced a partnership to bring enhanced global bank account verification to UK businesses operating across European and international markets.

As businesses increasingly operate across borders, the ability to verify account ownership quickly and confidently has become critical to reducing risk, preventing fraud and enabling seamless payments. By combining iPiD’s global account verification capabilities with Experian’s extensive data, analytics and verification expertise, the partnership provides businesses with a more comprehensive approach to account verification through a single solution.

Expanding on Experian’s comprehensive UK account ownership verification coverage, the partnership with iPiD now extends coverage to Single Euro Payments Area (SEPA) markets and key international regions, including the Americas, Africa, Asia and the Middle East.

Through the partnership, businesses can:

• Reduce reliance on manual checks: iPiD verifies accounts in 2.3 seconds without the risk of drop-off, requiring no extra action from the customer. This is compared to slower, more manual methods such as Optical Character Recognition (OCR) of bank statements

• Deliver better customer experiences: With no extra action required from the customer, verification adds negligible friction to payee onboarding, ensuring a faster onboarding experience for customers. This is compared to alternative methods that require manual document upload, redirects or additional steps

• Strengthen fraud prevention: iPiD flags both perfect, partial and no matches, which can help organisations understand the risk – only adding additional friction where absolutely necessary, whilst letting good matches proceed

• Verify account ownership across domestic and international markets through a single solution: Through the partnership, Experian clients gain access to iPiD’s verification network, delivering coverage across 30 countries at launch and expanding rapidly towards 90% of the world’s banked population

• Make more informed payment decisions: Using enhanced verification capabilities and trusted data insights

Experian is the only credit reference agency to offer both UK Confirmation of Payee and Verification of Payee capabilities across SEPA markets.

“Our clients operate across markets with very different verification standards, and that inconsistency creates real friction and risk. Bringing iPiD’s verification capability into our platform means we can offer a single, reliable way to confirm account ownership wherever our clients do business,” said Paul Weathersby, chief product officer, identity and fraud at Experian UK&I.

“It ultimately strengthens our verification offering and gives businesses more confidence in every payment they make.”

“Payee verification is becoming the foundation of trust for how money moves globally. As payment initiation shifts from people to systems acting on their behalf, from manual flows to AI-driven payment agents, knowing you are paying the right party before a payment leaves must happen automatically and instantly,” said Damien Dugauquier, co-founder and chief executive officer of iPiD.

“This partnership brings that layer of certainty to Experian’s clients on a global scale and reflects where we believe all payments are heading.”

Further reading: Experian unveils combined credit, cash flow and alternative data score