Vocalink, a Mastercard company, has announced a partnership with Shieldpay, to use Pay by Bank app, its market leading mobile payments services as a new deposit method available to Shieldpay customers.
Shieldpay’s trusted payments network protects both buyer and seller in any transaction by verifying the identity of all parties - funds are held securely in the Shieldpay Vault, and are only released when both parties agree. Shieldpay enables either individuals or businesses to create this instant digital escrow facility with no set-up costs to eliminate payment fraud so that anyone, anywhere can transact with total confidence.
Pay by Bank app, a brand new way to pay, will be a deposit method available to Shieldpay customers, along with credit card, debit card and bank transfer. When layered together, Shieldpay and Pay by Bank app will create the most secure, yet seamless way to pay via your bank account.
Pay by Bank app allows the customer to pay from their existing mobile banking app - an immediate payment that settles instantly, and has the added benefit for customers of being able to see their real-time balance whilst doing so.
Tom Clementson, Director of Consumer & SMB at Shieldpay, commented:
"Fast, reliable and secure marketplace payments are why platforms choose the Shieldpay API. I'm delighted to welcome Pay by Bank app as a new funding method, for consumers and businesses it means they can make frictionless payments instantly and even more securely"
Jerome Gudgeon, Co-founder and Chief Technology Officer at Shieldpay, commented:
“Pay by Bank app is a game changer in the way people pay for goods and interact with their banking app. Simply being able to approve a purchase within their familiar banking app eliminates any potential errors and minimises friction. Working with an innovative and customer focused team has meant Shieldpay can incorporate this unique technology into our award-winning service.”
Jon Wood, Chief Commercial Officer, Pay by Bank app, said: "Shieldpay is a brilliant concept that gives buyers and sellers peace of mind. The payment aspect is crucial to this so incorporating Pay by Bank app is a huge endorsement for us. Pay by Bank app is set to shape the future of online and mobile shopping, as more banks and retailers offer this as a payment option to shoppers.”
Shieldpay was part of the Barclays “Tech Stars” programme, and is also a participant in Start Path Global, Mastercard’s initiative to support scale-up businesses shaping the future of commerce.
Contributed | what does this mean?