iPiD provides a mobile number-based alias addressing service that validates payee identities and fetches banking information, reducing the risk of fraud and failed payments in international transactions. By utilizing a decentralized model and a no-data storage policy, iPiD enhances payment security and simplifies the cross-border payment process for businesses and consumers.
Funding
$8.6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Fraud and failed payments are increasing in the payments industry, especially authorized push payment fraud where individuals are deceived into sending money to criminals using stolen or fabricated identities. Existing cross-border payment processes often require remembering complicated beneficiary banking details, increasing the risk of errors and fraud.
Solution
iPiD offers an alias addressing service that simplifies and secures global payments by validating payee identities and retrieving banking information using a mobile number or other alias. The solution uses a decentralized model where data is neither visible nor transformed within iPiD's central routing engine, enhancing security and trust. iPiD's API integrates with existing systems to improve payee data quality and ensure payments reach the intended recipients, without replacing existing payment rails or systems. This approach reduces costs associated with data errors and minimizes the risk of fraud in cross-border transactions.
Target Audience
iPiD serves banks, fintechs, corporations, payment systems, and remittance firms seeking to improve the security and efficiency of their international payment processes.
Features
- Payee validation using mobile number or other aliases
- Alias mapping with bank account details
- Decentralized model with no-data storage policy for enhanced security
- Single API for easy integration with existing systems
- Payment rail agnostic, allowing flexibility in fund transfers
- Compliance with data security and localization requirements