Once you have opened your Shieldpay account, you can receive payments via the Service by accepting a payment request from another Shieldpay user. If the intended recipient has accepted this request, we will verify the payee’s identity to ensure that you know that you are dealing with a genuine and real person. Once you and the recipient have confirmed that you are happy to transact (release and withdraw the payment) we will generally process the payment instruction within 24 hours and pay the amount to the account of the recipient.
If your Shieldpay account is new, we will have to verify and validate your identity and to comply with anti-money laundering laws before you can receive the money.
Shieldpay blocks payments that appear to us to have serious security problems or to be fraudulent. Sometimes, rather than blocking, we delay a payment in order to investigate it further. If we discover a fraud, we will not release payment from the Shieldpay Vault. We may in such instances reverse the payment back to the person who was defrauded from the Shieldpay Vault or alternatively contact the law enforcement agencies and freeze either or both accounts belonging to the payer and payee. If after you receive a payment and note that you have been subject to fraud, we ordinarily reverse the payment back to the person who was defrauded and note the reversal in your account. Sometimes we are not legally permitted to explain the blocked or delayed payment or give details about a reversal in order to avoid tipping off someone who appears to be committing fraud or other crime. Although we may have limits on what we can disclose, you are welcome to ask about blocked, delayed or reversed payments using the Secure Messaging Centre, which is described under “Communicating with you” below.