NIUM revealed on Tuesday that it has expanded the validity of the account validation in Europe through an enhanced partnership with IPID, your knowledge solution provider, IPID knot, to meet incoming regulatory requirements and combat fraud in the cross -border payments.
The Singapore -based Fintechs said they will now integrate their technologies in both directions, with the IPID use of NIUM check -off to enhance its health verification capabilities, and take advantage of the IPID node to expand its scope in the European Union.
Cooperation will provide ready coverage to check all 41 SEPA, as well as check the current NIM account in 25 markets.
From October 2025, the European Union rules will require payment services providers to verify payment details and show that verification attempts were made and recorded under the beneficiary verification framework (VOP).
NIUM said that merging the iPid knot will be able to verify the names in the actual time, ready -made evidence records and the logic of the flexible matching of the compliance budget for the user experience.
“It is strong when a reliable partner chooses to become a customer,” said Damyan Dujukier, co -founder and executive director of the iPid. “We are proud to work alongside NEOM-not only as colleagues in Singapore, but as a similar difference in thinking solves the next generation of challenges of compliance and fraud across the border.”
NIUM added that the verification platform has already helped customers save millions of costs and costs related to errors, while reducing global transfers saves one of the error rates from 1.41 % to 0.34 % after implementation.
Alexandra Johnson, chief payment official in NEOM, said the deepest partnership “gives us the tools necessary to increase the scope of verification of verification of the validity of the account with confidence.”
This step emphasizes the increasing importance of the Fintech sector in Singapore in creating a safe, compatible and developed infrastructure.