As digital payments continue to overtake traditional cash transactions, there is a greater need for safe and efficient payment infrastructures. To address this critical industry need, Singapore-based International Payments Identity (iPiD) and Digit9 - a product of LuLu Money (Singapore) Pte. Ltd., and a wholly owned subsidiary of Abu Dhabi-based financial services conglomerate LuLu Financial Holdings - have signed a strategic partnership on the sidelines of the ongoing Global Fintech Fest 2023 in Mumbai, India.

 

The collaboration broadens Digit9's reach by adding payee verification to its proprietary remittance-as-a-service (RaaS) platform when transmitting real-time payments to India, the United States, China, South Korea, Indonesia, Vietnam, and Nepal, among other nations. This includes the ability to instantaneously get and validate the payee's name, bank account, and mobile wallet credentials when adding a beneficiary for cross-border transactions.

 

This partnership is an important step forward in iPiD's objective to improve digital payment security and operational efficiency. Customers may now experience a safe and straightforward cross-border transaction procedure with iPiD's recipient identity verification capabilities completely integrated into the Digit9 platform.

 

Commenting on the partnership, Richard Wason, CEO, LuLu Financial Holdings, said, “Security and compliance are the cornerstone of the cross-border payments industry today, for their role in reducing costs, processing time and transparency. We are delighted to partner with iPiD to improve the quality of our services by ensuring the accuracy of beneficiary account information, thus guaranteeing peace of mind for our valuable customers.”