Compliance and payment solutions provider, Eastnets, has agreed a strategic partnership with account verification services supplier, iPiD.

The collaboration will enhance the security and efficiency of payments for banks, corporates, and other financial institutions. The companies say that it reinforces the protection of their customers and suppliers against financial fraud globally.

iPiD’s real-time verification capabilities will allow Eastnets’ customers to confirm the name and bank account details of payment beneficiaries before the actual transaction happens . The service is vital for ensuring the accuracy of instant payments, where funds are irrecoverable. It also helps institutions comply with new regulatory requirements to combat payment frauds.

“Partnering with iPiD perfectly aligns with our mission to enable safe and secure participation in the global financial economy,” said Deya Innab, Eastnets’ Deputy CEO.

Collaboration to benefit over 3 billion bank accounts

“By integrating iPiD’s verification solutions, we empower our clients to comply with critical regulations like the UK’s Confirmation of Payee and SEPA’s Verification of Payee, significantly reducing transaction risks.”

The partnership will benefit over 3 billion bank accounts across 6,000+ financial institutions in regions and countries. These include the EU, UK, USA, India, Pakistan, China, Indonesia, Nepal, and Argentina.

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“We’re excited to partner with Eastnets, a leader in financial security and compliance,” added Alain Raes, co-founder/CCO of iPiD. “Our combined expertise will provide financial institutions with the tools needed for smooth instant payment processing. It reduces errors and fraud, and ensures compliance with regulatory mandates across the world.”

Regulatory requirements such as the UK’s Confirmation of Payee (COP) and the SEPA Verification of Payee (VOP) mandate verification processes to ensure secure transactions and compliance by September 2025. This partnership provides extra assurance to payers. Protecting them will allow Eastnet’s partners in EU and UK to adhere to the regulatory deadlines. And at the same time protect the payers from fraud and errors in both cross-border and domestic transactions.