Shieldpay announced a partnership with DirectID
By Joy Dumasia
Shieldpay, the secure digital payments market leader and global credit and risk specialists DirectID, have announced a partnership to implement DirectID’s open banking-powered bank account verification into the Shieldpay payments engine.
DirectID’s Connect widget and Shieldpay’s payment engine allow customers to transfer funds online through digital escrow and trust services. The combined service will bring seamless identity verification during transfers, streamlining the Shieldpay customer experience without sacrificing security and bringing customers a frictionless payment journey at every step.
The professional services firms relying on Shieldpay to safely transfer millions of pounds in client fees and project finances to the marketplaces bringing more security and digital escrow (fund holding) services to their buyers and sellers, can now benefit from DirectID’s 13,000+ bank connections.
James Stubbs, Financial Crime Systems, Shieldpay, commented: “We’re excited and intrigued by the possibilities of what DirectID and Shieldpay can bring to the table for our customers. Blending frictionless account verification in a customer’s own banking environment with safer online payment solutions for marketplaces will only help us on our mission to facilitate a new era of trust online.”
Clare McCaffery, Chief Commercial Officer, DirectID, commented: “Verifying that the bank account details provided match those on file is one of the most proven and effective use-cases for Open Banking. I’m delighted Shieldpay have chosen DirectID to safely verify account ownership for digital escrow and trust services. We’re delighted to launch and look forward to working with Shieldpay on a variety of use cases in the future.”
IBSi Daily News Analysis
September 29, 2023
Banking is becoming byte-sized with rise of Embedded Finance, Temenos study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage