In a major move for Qatar’s remittance and financial services sector, Alfardan Exchange has become the first company in the country to launch a real-time payee verification solution, powered by global fintech provider iPiD. This cutting-edge partnership is expected to set new benchmarks for security, transparency, and fraud prevention in cross-border transfers.
The solution—iPiD Validate—enables Alfardan Exchange to verify payee names and account numbers before payments are made, reducing transaction errors and potential fraud while giving customers greater peace of mind when sending money abroad.
“Through our partnership with iPiD, we aim to offer a new generation of security and assurance to our clients’ remittance experience,” said Bashar al-Waqfi, CEO of Alfardan Exchange.
“As the first company in Qatar to launch an instant beneficiary validation service, we take pride in leading the adoption of innovations that bring trust, transparency, and efficiency to every transaction.”
Alfardan Exchange: Boosting Trust in Qatar’s Cross-Border Payment System
The integration with iPiD’s global API brings a Know Your Payee (KYP) solution to life—one that’s already reshaping payment infrastructures in other financial hubs.
The move reinforces Alfardan Exchange’s commitment to customer protection and operational excellence, while contributing to Qatar’s broader fintech innovation goals.
Damien Dugauquier, CEO and co-founder of iPiD, added: “Alfardan Exchange’s leadership in embracing real-time payee verification reflects a shared commitment to building trust, ensuring compliance, and protecting clients across borders.”
This service is currently the only one of its kind available in Qatar, and its rollout aligns with the Qatar Central Bank’s support for digital transformation and regulatory innovation in the financial services space.
With this initiative, Alfardan Exchange isn’t just enhancing user experience, it’s also paving the way for a more resilient, compliant, and tech-forward remittance ecosystem in the MENA region.
