Online payments firm Shieldpay has announced a partnership with Vocalink to use its Pay by Bank app as a new deposit method to customers.

Shieldpay’s 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 in order to eliminate payment fraud.

Vocalink’s Pay by Bank app will be a deposit method available to Shieldpay customers, along with credit card, debit card and bank transfer. The partnership is designed to create a secure and seamless way for customers to pay through their bank account.

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 ar 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.”

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