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OakNorth Bank and secure payments solution Shieldpay announce partnership

Monday 23 September 2019 00:45 CET | News

UK-based OakNorth Bank has announced a strategic partnership with payments solution, Shieldpay, to launch escrow accounts for borrowers.

OakNorth Bank and Shieldpay, jointly developed this industry-first offering which enables OakNorth to hold borrowers’ funds securely in Shieldpay’s digital escrow facility - the vault - and only release funds when all parties are in agreement. This partnership is built upon OakNorth Bank and Shieldpay’s integrations with ClearBank, illustrating how the bank continues to increase its financial partnership ecosystem to improve the customer experience.

The partnership will ensure that the bank’s borrowers are able to keep track of capital within the business and that all funds are being allocated appropriately. Shieldpay’s platform will also provide OakNorth Bank with detailed analytics and insights into borrowers’ cash flows, thereby building an additional layer of risk management and control. Several of OakNorth Bank’s clients have already signed up.

Shieldpay’s patent pending payments process verifies the identity of both sides of any transaction, holds funds securely and only releases them once both parties confirm they are happy. Shieldpay guarantees the security of payments, streamlines the process and provides complete visibility for both OakNorth Bank and its customers.


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Keywords: OakNorth Bank, Shieldpay, partnership, payments solution, bank, UK, escrow accounts, borrowers, ClearBank, pending payments process, Europe
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