DirectID announce partnership with UK payments leader Shieldpay

Shieldpay and DirectID have announced a partnership to use DirectID’s Connect widget in Shieldpay's payments engine.
Published on
June 28, 2022
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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.

About Shieldpay

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.

About DirectID

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.

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Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Affordability

Assess how much your customer can afford to repay. Use enriched data to identify income, and fixed vs flexibile spend.

Income verification

Verify your customer's income across all income streams, whether it's salaried wages, freelance earnings or benefits.

Categorisation & classification

Cut through the noise of a bank statement and understand how and where your customers spend their money.

Emerging financial distress

Identify emerging financial distress to enable early intervention before your customer defaults.

SME financial health

See the balance trend of an SME’s accounts with a view on income, stability and fluctuations. View the money a business earns, spends and saves on a regular basis.

What our customers say

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Global vehicle manufacturer

Automotive financing

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Shieldpay

Multi-award winning payment platform. Designed for highly secure & efficient transactions. Trusted by over 100 law firms, lenders and professional services.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Target Group

A Tech Mahindra company and a leading business services provider in lending, investments and insurance, managing over £25bn+ assets.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Best Egg

Consumer-lending platform developed by Marlette Holdings, Inc.

Testimonials - Fintech X Webflow Template

DirectID began working with Target at the beginning of 2020 to provide open banking data for their new Mortgage Hub. It is the first digital mortgage platform to be designed from the ground up, and the first to use open banking data as the backbone for customer experience.

Dana

A lending as a service provider using open banking to strengthen their credit scoring engine

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Talk with one of our specialists to find out more about using open banking data.

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Frequently asked questions

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01

What is open banking and how does it work?

Open banking is the practice that allows people and businesses to share up to 12 months of transaction data. DirectID is regulated by the Financial Conduct Authority as an Account Information Service Provider (AISP) - the intermediary who safely facilitate this process.

02

What is transaction categorisation?

Transaction categorisation is the process of adding context to raw transaction data. The process gives you an understanding of what your customers' spend their money  and where.

03

How does bank account verification work?

Using the bank account verification API, DirectID matches the details provided from your customer to those on their account. We apply a set of sophisticated algorithms and rules to verify the name, and then tell you what does and does not match.

04

How do you verify income with open banking?

After a customer shares their data, DirectID identify recurring credits to the account and group these. Using an algorithm we identify the monthly income for each income stream. We then return the calculated income and confidence score to you.

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