We have some news we've been looking forward to sharing: Clobe is now the exclusive partner of iPiD for Sri Lanka and the Maldives. iPiD is the Singapore-headquartered payee-verification network used by institutions including Citi, HSBC, Emirates NBD and Nium, and its network is now available here through our Verifia platform.
In practice, that means Sri Lankan and Maldivian banks, lenders and businesses can confirm that a foreign beneficiary's account is real, active and in the right name before they send money — cutting misdirected payments, fraud and sanctions risk in one check.
Too often, money leaves Sri Lanka for the wrong account because nobody could check the name on the other side. With iPiD's network inside Verifia, our banks can check first and pay second.
Why we went after this: money that can't be called back
Sri Lanka sends and receives more cross-border money than ever. Workers' remittances reached a record USD 8.08 billion in 2025 (EconomyNext), and outbound payments for imports, education and services flow to dozens of countries. Yet most of these payments are sent on an account number alone, with no way to confirm who owns the account.
We see that gap create three costly risks:
- Misdirected payments. A wrong digit or an outdated account sends funds to the wrong place or back as a return, bringing repair fees, delays and unhappy customers.
- Fraud. Invoice fraud and impersonation scams work by swapping in the fraudster's account. Without a name check, the payment looks normal until it's too late.
- Sanctions and compliance. Banks must make sure they aren't paying sanctioned or high-risk parties, and global standards are moving toward checking the payee, not just the payer.
Countries that added payee checks have seen results. iPiD cites UK Finance data showing that redirection scams' share of UK push-payment fraud losses fell from half to a quarter in five years after Confirmation of Payee was rolled out (iPiD). But domestic schemes only protect domestic payments, which is why we wanted cross-border checks for Sri Lanka.
How it works
Verifia connects our customers to iPiD's network, which iPiD says reaches 6,500+ financial institutions and 4 billion+ accounts, covering about 85% of the world's banked population (iPiD). A check takes seconds:
- You enter the beneficiary's account details and expected name in Verifia, through the dashboard, a hosted link or the API.
- The request is encrypted to the destination institution's own key and routed through iPiD's network.
- Verifia returns a match score with the reason behind it, the account's live status, and a fraud-risk indicator.
- In the same step, we screen the beneficiary against global sanctions and PEP lists and Sri Lanka's own UNSCR 1373 designations.
- The payment goes ahead, goes to a human for review, or is stopped, based on rules you set in Verifia's no-code workflow builder.
What you get
- Name and account match — catch a typo or a swapped account before the money moves.
- Live account status — avoid returns from closed, dormant or blocked accounts.
- Compliance in the same flow — sanctions and PEP screening alongside the account check, with a full audit trail.
- Security by design — we never store account numbers, data is encrypted at rest, and iPiD's network is ISO/IEC 27001 certified and a Pay.UK-certified Confirmation of Payee aggregator.
- Local support — onboarding, integration and service from our team in Colombo.
Who it's for
We built this for any Sri Lankan or Maldivian institution that sends money abroad:
- Banks checking beneficiaries on outward telegraphic transfers and corporate payments.
- Exchange houses and remittance providers handling cross-border transfers.
- Exporters, importers and corporates paying overseas suppliers and protecting against invoice fraud.
- Lenders, insurers and fintechs paying out to customers or partners abroad.
About iPiD
iPiD is a global Know Your Payee provider headquartered in Singapore. Its single API verifies who is receiving a payment before it is sent. In September 2026 it raised a USD 16 million Series A led by Foundation Capital, with Citi and HSBC participating (TechNode Global).
Getting started
You can start on the Verifia dashboard with no integration, then connect through the API when you're ready. Sandbox access is available on registration at verifia.anybanq.lk. If you'd like us to walk you through it, write to support@clobe.lk — we'd be glad to.
