Shieldpay a pioneering provider of digital payments has revealed its alliance with DirectID, a worldwide provider of credit risk platform. This alliance will result in employing open banking-powered bank account authentication by DirectID in the Shieldpay’s payment services.
DirectID leverages data from financial records and Open Finance to provide insight on clients at every stage of the credit risk lifecycle, from onboarding to collections and recoveries. Shieldpay offers various solutions as third-party managed accounts, Escrow, paying agent, and integrated solutions.
Clare McCaffery, Chief Commercial Officer, DirectID, said, “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’s payment platform along with DirectID’s Connect service will enable clients to perform financial transactions via digital escrow and trust services. In addition to improving the Shieldpay user experience without compromising security, the integrated solution will enable seamless identity verification during transfers and give clients a frictionless payment journey at every turn.
James Stubbs, Financial Crime Systems, Shieldpay, stated, “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.”
DirectID’s 13,000+ bank connections are now available to the expert services companies depending on Shieldpay to securely move huge sums in client payments and project money to the marketplaces delivering more security and digital arbitration (fund holding) solutions to its market participants.