Shieldpay, the secure digital payments market leader, and global credit and risk specialists DirectID, have today announced a partnership to implement DirectID’s open banking-powered bank account verification into the Shieldpay payments engine.
Working together, DirectID’s Connect widget and Shieldpay's payment engine allow customers to transfer funds online with digital escrow and trust services. The combined service will bring seamless identity verification during transfers, streamlining the Shieldpay customer experience without sacrificing any measure of security, bringing customers a frictionless payments 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, SPG, comments:
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 customers’ 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 comments:
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.
Shieldpay is market leader in providing secure digital payments. When there’s any uncertainty in online payments, whether high-value, high-risk payments or thousands of transactions every day, we make sure you’re in complete control the whole way through. With streamlined verification checks and the ability to receive funds and quickly and securely process payouts, Shieldpay provides a more secure way to pay online for businesses and consumers.
Shieldpay Limited is authorised and regulated by the Financial Conduct Authority as a payment institution and Shieldpay Trustee Services Limited is registered and supervised by HMRC as a Trust Services Provider. We offer a compliant solution in line with SRA and CLC regulations. As part of our operation, we hold banking relationships with recognised financial institutions. Client funds and trust funds are safeguarded with authorised banks which maintain appropriate levels of prudential requirements.
DirectID is an open banking data and insights fintech that gives credit and risk decision-makers the data needed to make better-informed decisions, drive efficiencies, reduce the risk of fraud, and enable fairer outcomes.
Affordability and creditworthiness decisions are traditionally based on historic transaction data or self-declared customer information, sources which are often out-of-date and not always reliable. DirectID’s insights are guaranteed to be accurate as they are drawn directly from verified customer bank statement data.
DirectID offers a platform of interchangeable tools for businesses to connect, obtain and interpret customers’ transaction data. Modelled on billions of bank transaction data points, specialist credit and risk insights add context and meaning to raw data, helping businesses to understand their prospects, applicants, and customers’ financial profile.
With global access to bank data through over 13,000+ connections, across 65+ countries, DirectID’s platform and insights power some of the world’s biggest brands in financial services, consumer and SME lending, payments, utilities, the gig economy, and beyond.
*Company registered in Scotland SC400459. DirectID is brought to you by The ID Co., a registered and authorised Account Information Service Provider by the FCA. AISP registration number 798579. We're committed to protecting your data, our ICO number is ZA384596.
Tom Stewart-Walvin, Rostrum