Vocalink has announced a partnership with Shieldpay to use the Pay by Bank app as a new deposit method available to Shieldpay customers, according to a press release.

Shieldpay describes itself as a trusted payments network that 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, according to the press release.

The Pay by Bank app enables users 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 while doing so.

"Fast, reliable and secure marketplace payments are why platforms choose the Shieldpay API," Tom Clementson, director of consumer and SMB at Shieldpay, said. "I'm delighted to welcome Pay by Bank app as a new funding method, for consumers and businesses it means they can make frictionless payments instantly and even more securely"