In an exclusive interaction with StartupTalky, Mr. Alain Raes, Founding Partner and Chief Commercial Officer of iPiD discussed iPiD's Validate Solution and how it is addressing fraud and failed payments in the global payments industry, as well as its role in supporting emerging payment methods. Additionally, iPiD's collaboration with fintech companies and strategies for adapting to regulatory changes and future competition were discussed, along with their commitment to developing new products and services focused on security and fraud prevention in the evolving payments landscape.
How is iPiD's payment addressing data platform Validate Solution helping to address the challenges of fraud and failed payments in the global payments industry?
M.r Raes: iPiD's payment addressing data platform, Validate, helps address the challenges of fraud and failed payments in the global payments industry by offering an advanced API solution that seamlessly integrates with domestic account validation schemes. With Validate, banks or payment providers can ensure payments reach the intended recipients every time. It does this by confirming payee names and bank account details in real-time, offering an essential tool in the battle against fraud and failed payments.
How is iPiD's technology supporting the development of new payment methods, such as instant payments and cryptocurrencies?
Mr. Raes: iPiD's technology supports emerging payment methods, including instant payments and cryptocurrencies. While it is worth noting that cryptocurrency itself is not considered a traditional payment method, iPiD's Validate API solution can facilitate the integration of cryptocurrencies and enhance their utility in the payment ecosystem.
In the context of instant payments, iPiD's technology ensures the seamless validation of essential data points concerning the recipient, a critical requirement for real-time transactions. This verification process promotes the reliability and security of instant payments, helping to build trust among users and enabling these payment methods to thrive in an increasingly fast-paced financial landscape.
When it comes to cryptocurrencies, iPiD's Validate API solution can be integrated into the existing payment systems of service providers in the crypto space. This integration allows for the verification of crucial data points about the recipient of the cryptocurrency payment, contributing to the overall security and legitimacy of cryptocurrency transactions.
How is iPiD working with other fintech companies to revolutionize the way global payments are made?
Mr. Raes: iPiD is collaborating with various fintech companies to spearhead a revolution in the way global payments are conducted. The key strategy lies in the integration of the Validate API solution into the existing payment systems of these fintech firms.
This integration is pivotal because it empowers these companies to validate essential data points about the payment's recipient. By leveraging iPiD's technology, any payment provider can enhance the accuracy and security of their transactions. iPiD's cooperation with fintech companies is driving an evolution in global payments by ensuring that the fundamental data elements related to payment recipients are consistently validated. This innovation contributes to the overall enhancement of payment processes and security, ultimately reshaping the landscape of global payments.
What are iPiD's views on the latest regulatory developments in the payments industry, such as PSD2 and Open Banking?
Mr. Raes: PSD2 and open banking regulations have been in existence for a significant period. One of the central principles of open banking is the requirement for participant consent, which underscores the importance of authorization in data sharing. More recent payment regulations are specifically targeted at safeguarding paying agents against the repercussions of the rapid evolution of real-time payments. These developments primarily address concerns related to misdirected payments and, significantly, the rise of APP Fraud.
It is worth noting that these new regulations are focused on mandating account validation, a crucial aspect of payment security, which aligns with iPiD's capabilities and support. iPiD is well-equipped to facilitate compliance with these regulations, providing a valuable solution to enhance payment security and protect against emerging payment risks.
How is iPiD preparing for the future of global payments, which is likely to be characterized by increased competition from emerging players and new technologies?
Mr. Raes: We have a distinctive approach. Instead of positioning itself as a direct payment provider, iPiD serves as an enabler for various payment platforms.
iPiD's primary focus is on enhancing the customer experience by offering a robust account validation mechanism. This mechanism operates independently of the payment rails, which means it can be seamlessly integrated into various payment systems and platforms. By facilitating account validation before the payment initiation process, iPiD plays a crucial role in fortifying the foundation of payment processes and, consequently, in improving the overall customer experience.
This approach enables iPiD to adapt and thrive in the rapidly changing landscape of global payments, ensuring its relevance and effectiveness in a world characterized by increasing competition and the emergence of new technologies and players in the payment industry.
What new products and services is iPiD developing to meet the needs of its customers in the future?
Mr. Raes: To meet the evolving needs of its customers in the future, iPiD is actively working on the development of new products and services. Among the current initiatives, iPiD has introduced a second API designed to foster interoperability between domestic proxy payment schemes. This feature promotes smoother and more efficient payment interactions across different platforms, enhancing convenience and accessibility for customers.
Additionally, iPiD is committed to expanding its service offerings by introducing more microservices. These microservices will play a pivotal role in enhancing security measures by strengthening defenses against fraud. As the payments landscape continues to evolve and face new challenges, iPiD's dedication to innovation ensures that it can deliver the products and services that meet the ever-changing needs of its customers, particularly in the context of fraud prevention and payment security.