Alfardan Exchange Partners with iPiD to Launch Qatar’s First Real-Time Payee Verification Service

[Doha, Qatar – April 2025] – 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 the  iPiD Validate system , 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.

iPiD Validate: Instantly Confirm Payee Details 
Through iPiD’s global API solution, Alfardan Exchange can now verify payee names and account numbers in real time, before a pa yment 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. 

About Alfardan Exchange 
Established in 1971, Alfardan Exchange is Qatar's premier company in the field of exchange, financial transfers, and precious metals, aiming to serve the needs of the Qatari market, as well as the millions of expatriates and thriving foreign businesses investing in Qatar and the Middle East. Alfardan Exchange has received numerous awards and was ranked among the top digital exchange companies in Qatar and the GCC by Forbes Middle East. It recently received the 2024 Arab Banking Excellence and Achievement Award from the Union of Arab Banks, recognizing it as the leading and most trusted provider of money transfer services in Qatar.

About iPiD 
iPiD is a global leader in Know Your Payee (KYP) solutions, specializing in payee verification. Our technology  enables  financial institutions, payments  service providers  and corporations to improve  payment experiences, reduce errors, protect against fraud and ensure compliance. 

Read the article in Gulf Times Newspaper