Scottish global credit and risk specialists DirectID will provide its account verification system to boost the Shieldpay payments engine.

Working in partnership, DirectID’s connect widget and Shieldpay’s payment engine will allow customers to transfer funds online with digital escrow and trust services.

Shieldpay provides professional services firms with the technology to safely transfer millions of pounds in client fees and project finances to the marketplaces, bringing more security and digital escrow services.

DirectID is an open banking data and insights fintech that provides credit and risk decision-makers with data to enable better-informed decisions, drive efficiencies, reduce the risk of fraud, and enable fairer outcomes.

The combined service will bring provide easy identity verification during transfers, boosting the experience for Shieldpay customers without sacrificing security.

Commenting on the deal, Clare McCaffery, Chief Commercial Officer, DirectID said: “Verifying that the bank account details provided match those on file 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. We’re delighted to launch and look forward to working with Shieldpay on a variety of use cases in the future.”

James Stubbs, Financial Crime Systems, SPG, added: “We’re excited and intrigued by the possibilities of what DirectID and Shieldpay can bring to the table for our customers.

“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.”

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The new deal is another success for DirectD, which has seen substantial investment this year to boost its offering.

In January the company completed a $3 million bridge funding round led by Hong Kong-based venture capital firm, QBN Capital. DirectID said the money would enable it to expand internationally and pursue ambitious growth plans.

In February last year, the company became a signatory on the fintech industry led initiative to promote diversity and inclusion in financial technology.

As part of the FinTech For All charter, DirectID, alongside other organisations including FinTech Scotland, committed to supporting companies in promoting diversity and building inclusive environments, ensuring the at least one member of the senior team is accountable for Diversity & Inclusion, and the development of employee awareness around what constitutes inclusive practices.

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