I'm assuming that you have shell scripting available to you. This script solves it.
#!/bin/sh
for line in `cat file1`; do
pt1=`echo $line | cut -f 1 -d '|'`
key=`echo $line | cut -f 2 -d '|'`
pt2=`grep "${key}" file2 | cut -f 2 -d '|'`
echo "$pt1|$pt2" >> file3
done