The partnership comes in the context of Shieldpay’s expansion, and it also aims to ensure perpetual risk monitoring. Shieldpay facilitates secure B2B payments to legal and professional service companies, financial services, and technology platforms. The company is particularly focused on high-value and high-volume transactions, and according to ffnews.com, it has processed more than USD 5 billion of corporate funds for, M&A deals, litigation settlements, real estate transactions, and secondary transactions.
Fenergo offers a Software as a Service (SaaS) CLM and transaction monitoring system that can help Shieldpay bring real-time client KYC and AML data into one platform thus keeping in line with regulatory policies and supporting perpetual customer due diligence. The company’s new digital due diligence process can help smooth out internal operations and facilitate a faster onboarding process for new customers.
Shieldpay officials cited by ffnews.com highlighted the importance of finding partners with common goals when undergoing an expansion effort, and they acknowledged Fenergo’s experience when it comes to onboarding complex entity structures and their ability to automate client due diligence.
In November 2022, Shieldpay has partnered Checkout.com to support customers from the payments industry with B2B transactions. The collaboration allowed Checkout.com to use Shieldpay’s unique payment engine and digital escrow capabilities in order to tackle the payment challenges customers are facing when it comes to security, trust, and transparency in high-value transactions online.
Shieldpay’s digital escrow offering allow Checkout.com customers to hold funds in safeguarded accounts (which are PSR, Art. 23 compliant) until both buyer and seller are satisfied with the conditions of the transaction. Funds are then paid out of the account to verified merchants or marketplace customers. Furthermore, Shieldpay is able to help marketplaces disburse funds to sub-merchants where needed.
In December 2022, Shieldpay collaborated with Mollie to digitise the payment needs of clients. The partnership aimed to replace traditionally sent invoices with online payment links that allow the customer to click and pay instantaneously via Mollie for an easier, more convenient process. Businesses also received access to Mollie’s payments data, bespoke dashboards, and comprehensive reporting features alongside the security of Shieldpay’s digital escrow solution.
The partnership combined Mollie’s capabilities for seamless, frictionless payments processing of B2B transactions with Shieldpay’s digital escrow and payment disbursement functionality. This way, Shieldpay and Mollie became positioned to meet the complex B2B payments needs of the professional services sector and beyond.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now