Callcredit Information Group and payments service firm ShieldPay have agreed a partnership to provide secure online payments to its Shieldpay’scustomers.
ShieldPay´s patent pending technology protects both buyer and seller in any payment by verifying both individuals. Using Callcredit’s ID and bank verification solutions ShieldPay can verify both party’s identity and bank account reducing the chances of peer-to-peer payment fraud. Callcredit’s solutions also help ShieldPay to comply with anti-money laundering regulations as well as enable its customers to transfer money with confidence.
Via an API Callcredit will provide ShieldPay with source data that will validate the identity of both parties but will also provide additional checks including knowledge based authentication assessments to provide verification of those identities. ShieldPay will also be able to link the bank account details given to the name and address provided, receiving a confidence level depending on the certainty that the bank details can be matched to the name and address.
Darius Taylor-McCall, Business Development, Callcredit Information Group said: “Where there is money is exchanging ‘hands’ there is always a risk of fraud. Already this year Cifas has reported that there was record 89,000 cases if identity theft in the first half of 2017. This equates to almost 500 incidents a day. It is important when making an online payment that the platform used is secure and has the right validations in place.
“ShieldPay’s unique solution helps prevent fraud and protects both buyers and sellers. The service provides everyone involved in the transaction, including the banks making and receiving payments, with a level of reassurance and confidence.”
Willem Wellinghoff, Chief Legal and Compliance Officer, ShieldPay said: “At ShieldPay we are building the most secure and trusted payments network, adopting a unique and compliant identification and payment techniques to create an instant digital escrow facility that protects both buyer and seller in any transaction, whether that be across online marketplaces, crowdfunding, conveyancing, M&A’s or peer-to-peer transactions.”