UK payments leader Shieldpay announces partnership with open banking and risk specialists DirectID

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, Shieldpay, 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.”