Visa brandishes Shieldpay for safe P2P payments
According to London-based Shieldpay, its digital escrow solution mitigates the risk of fraud by verifying the identity of all parties, holding funds securely and only releasing funds when all sides agree they are happy.
As part of the partnership, Shieldpay will work with Visa’s CyberSource platform to enable access to new markets where secure P2P payments have been “tough in the past” – such as the two mentioned in the opening paragraph.
Peter Janes, CEO and founder of Shieldpay, says: “Fraud is a huge concern for users of these platforms, and the security Visa and Shieldpay can now offer will revolutionise the space.”
The partnership will also allow Shieldpay’s partners to make use of the Visa Direct push payments service, enabling funds to be disbursed directly to a Visa card in real time in various European markets.
In other news, Visa has had a busy month. It teamed with Contis Group, the banking and payments provider, for new fast-track programme. In addition, Lastminute.com, the online travel agency, extended its partnerships with Wirecard and Visa to offer a new multi-currency Visa card.
By the way, in our inaugural PayTech Awards 2018, Shieldpay and Barclays were “highly commended” in the “Best Corporate Payments Initiative” category.