Vocalink, a Mastercard company, has announced a partnership with Shieldpay, to use Pay by Bank app, its market leading mobile payments services as a new deposit method available to Shieldpay customers.

Shieldpay’s trusted payments network protects both buyer and seller in any transaction by verifying the identity of all parties – funds are held securely in the Shieldpay Vault, and are only released when both parties agree. Shieldpay enables either individuals or businesses to create this instant digital escrow facility with no set-up costs to eliminate payment fraud so that anyone, anywhere can transact with total confidence.

Pay by Bank app, a brand new way to pay, will be a deposit method available to Shieldpay customers, along with credit card, debit card and bank transfer. When layered together, Shieldpay and Pay by Bank app will create the most secure, yet seamless way to pay via your bank account.

Pay by Bank app allows the customer to pay from their existing mobile banking app – an immediate payment that settles instantly, and has the added benefit for customers of being able to see their real-time balance whilst doing so.