Citi, HSBC back iPiD’s US$16M round to make instant payments safer across borders
Hitting “send” on a bank transfer used to come with a cushion of time. A payment might sit in a queue for hours, sometimes days, giving banks and senders a window to notice a mistyped account number or a suspicious beneficiary. Instant payments have all but erased that cushion. Money now lands in seconds, and […] The post Citi, HSBC back iPiD’s US$16M round to make instant payments safer across…
Citi and HSBC have shown their confidence in Singapore's iPiD, investing $16 million in the company to help make instant international payments safer. The round, led by Foundation Capital, also includes existing backers QED Investors, Monk's Hill Ventures, and Quona Capital. The funds will be used for expanding in the US and Europe, growing their verification network, and creating new products for digital assets and stablecoins. iPiD's core service, "Know Your Payee," verifies if a recipient's account details match the intended beneficiary before a transfer.
This helps reduce failed payments, misdirected transfers, and potential fraud. As instant payments gain popularity, the need for immediate verification becomes crucial, especially in Southeast Asia where domestic payment systems are thriving but suffer from weak verification across borders. Citi and HSBC's involvement in the investment, along with their status as both investors and customers, adds credibility to iPiD's solution.
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