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February 1, 2018updated 24 Jan 2022 6:32am

Shieldpay leverages Vocalink’s payment app for secure deposits

Payment services provider Shieldpay has selected Vocalink’s mobile payments service Pay by Bank app to deliver secure and seamless transactions.

Shieldpay customers will now be able to use the Pay by Bank app as a new way to pay, apart from credit and debit cards and bank transfer.

Users will be able to pay from their existing mobile banking app and can also check their real-time balance during the process.

Shieldpay’s payments network verifies the identity of all parties to shield both buyers as well as sellers. The funds securely held in the Shieldpay Vault are released only upon consent from both the parties.

Shieldpay co-founder and chief technology officer Jerome Gudgeon said: “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.”

Pay by Bank app chief commercial officer Jon Wood 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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