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 transaction was enabled using an Ethereum smart contract. Using this technology, mortgage fraud might be averted.
Shieldpay noted that the two London-based companies have previously been working together for a year to service digital marketplace clients and support emerging FinTechs with sophisticated payments.
The agreement was developed initially to assist KodyPay, an in-person digital payment acceptance system, with its payment flow. The two companies will collaborate in the future to meet the payment needs of B2B marketplaces and professional services firms.
“As payment innovators, we are both on the same goal and the services that our platforms provide to the market function in perfect harmony,” said Daniel Dunne, Shieldpay’s head of partnerships. “With these key objectives aligned, we are excited about the future of this collaboration and expanding together, and we are already anticipating additional opportunities to work.”
