Shieldpay partners with DirectID on open banking-powered solution
Shieldpay, a digital payments firm used by lenders and law firms, has partnered with open banking-powered credit risk platform DirectID.
As a result of the tie-up, DirectID’s bank account verification solution will be implemented into the Shieldpay payments engine.
This means that customers will be able to transfer funds online with digital escrow and trust services. The partnership with streamline the customer experience without sacrificing security, Shieldpay said.
Read more: Open banking boasts six million active users
“We’re excited and intrigued by the possibilities of what DirectID and Shieldpay can bring to the table for our customers,” said James Stubbs, financial crime systems at Shieldpay.
“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.”
Read more: Nearly half of financial institutions have adopted open banking
Clare McCaffery, chief commercial officer at DirectID, said that verifying bank account details 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,” she added. “We’re delighted to launch and look forward to working with Shieldpay on a variety of use cases in the future.”
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