Mumbai (Maharashtra) [India], September 6: As digital payments continue to gain ground overshadowing traditional cash transactions, the demand for secure and efficient payment platforms is on the rise. Against this backdrop, Singapore based International Payments Identity (iPiD), and Digit9 - a product of LuLu Money (Singapore) Pte. Ltd., and a wholly owned subsidiary of the Abu Dhabi based financial services conglomerate LuLu Financial Holdings, have signed a strategic partnership on the sidelines of the ongoing Global Fintech Fest 2023 being held at Mumbai, India, to address this crucial industry need.
The partnership expands Digit9's reach, allowing its users the additional benefit of payee verification on its proprietary remittance-as-a-service (RaaS) platform when sending real-time payments globally to India, USA, China, South Korea, Indonesia, Vietnam and Nepal among other countries. This includes the ability to instantly fetch and verify the authenticity of the payee name, bank account and mobile wallet details while adding a beneficiary for cross-border transactions.
This collaboration marks a significant milestone in iPiD's mission to enhance digital payment security and operational efficiency. With iPiD's receiver identity verification capabilities seamlessly integrated into the Digit9 platform, customers can now experience a secure and intuitive process for cross-border transactions.
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."
Alain Raes, Founding Partner and Chief Commercial Officer of iPiD, expressed, "Digit9 is emerging as one of the most promising remittance platforms across the Middle East and Asia. We believe that the receiver identity verification capabilities offered by iPiD would enhance the operational robustness of the Digit9 platform by offering Digit9's customers with a secure and intuitive platform for cross border payments."
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