Alfardan Exchange, the trusted and leading name in the field of exchange, financial transfers and precious metals in Qatar, has partnered with iPiD to launch the first real-time beneficiary validation solution in the exchange industry in Qatar.
By integrating iPiD Validate, Alfardan Exchange is pioneering a new era of secure, transparent, and fraud-resistant cross-border transfers—setting a new standard for Qatar’s exchange industry.
Through iPiD’s global API solution, Alfardan Exchange can now verify payee names and account numbers in real time, before a payment is sent. This advanced Know Your Payee (KYP) solution helps reduce fraud, prevent transaction failures, and deliver peace-of-mind to clients sending money abroad.
Mr. Bashar Al Waqfi, CEO of Alfardan Exchange, stated: “Through our partnership with iPiD, we aim to offer a new generation of security and assurance to our clients’ remittance experience. 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. I would like to extend special thanks to the Qatar Central Bank for its ongoing support of the exchange sector in the country and for issuing regulations that encourage improved service quality and innovation.”
Mr. Damien Dugauquier, CEO and Co-Founder of iPiD, added: “This partnership is a bold step forward for Qatar’s payments ecosystem, Alfardan Exchange’s leadership in embracing real-time payee verification reflects a shared commitment to building trust, ensuring compliance, and protecting clients across borders. We’re proud to support their journey with the most comprehensive verification network globally.”
First of Its Kind in Qatar
This integration marks a significant milestone for the exchange sector in Qatar. It is currently the only service of its kind available in the country, underscoring Alfardan Exchange’s leadership in adopting cutting-edge fintech solutions to simplify transactions and enhance the clients experience.