UK-based payment services platform Shieldpay has formed an alliance with Visa to enable secure card payments across peer-to-peer (P2P) marketplaces.
As part of the collaboration, Shieldpay’s instant digital escrow system will be combined with Visa’s CyberSource payment gateway.
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The digital escrow solution will reduce fraud risk by verifying the identity of both buyer and seller. Funds are securely held and released only when both parties agree.
Shieldpay said that the escrow facility can be created within 10 seconds, without any set-up costs.
Visa CyberSource is a payment management platform designed to improve security and fraud management. The combination of these platforms is expected to enable secure card payments on P2P marketplaces.
In addition, the partnership will provide access to push payments service – Visa Direct. This will facilitate direct disbursement of funds from marketplace sales to a Visa card.
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By GlobalDataStatistics show that online fraud costs £11bn each year, with payment fraud increasing by 53% year on year. Shieldpay aims to fight all types of payment fraud, including peer-to-peer fraud.
The company’s technology can be leveraged for marketplaces, P2P payments, classified marketplaces, real estate, and mergers and acquisitions.
In February this year, the firm partnered with Vocalink to use mobile payments service Pay by Bank app for secure transactions.
