Shieldpay, a B2B payment technology firm, has partnered with eCommerce payment platform Checkout.com to provide access to Shieldpay’s payment engine and digital escrow capabilities.
Shieldpay’s digital escrow solution will allow Checkout.com customers to store funds in secure accounts until both the buyer and seller are satisfied that the parameters of the transaction have been met.
Escrow transactions are common in a variety of settings, including real estate transactions and business mergers and acquisitions.
As previously reported, escrow holding for a property purchase was enabled through a smart contract put on the Ethereum blockchain. Mortgage fraud might be avoided using this technology.
Shieldpay stated that the two London-based firms had already been collaborating for the past year to service digital marketplace clients and assist budding FinTechs with complex payments.
Initially, the collaboration was formed to help KodyPay, an in-person digital payment acceptance system, with its payment flow. In the future, the two companies will work together to address the payment demands of B2B marketplaces and professional services businesses.
“As payment innovators, we are both on the same goal and the services that our platforms provide to the market function in perfect harmony.” With these key objectives aligned, we are excited about the future of this collaboration and expanding together, and we are already anticipating additional chances to work,” said Daniel Dunne, Shieldpay’s head of partnerships.
