Business finance specialist recently announced a new strategic partnership with a London-based payments company.
This partnership sees the SME-focused bank, powered by OakNorth, teamed up with high-value secure payments platform . Together the companies will launch new escrow accounts for borrowers.
Founded by Peter Janes, London-based Shieldpay specialises in facilitating high-value transactions between parties using its secure digital platform.
Peter Janes, CEO and founder of secure payment solution Shieldpay, added: 鈥淭he Shieldpay solution has found a perfect home inside of the OakNorth ecosystem.
鈥淭he OakNorth offering is truly innovative and coupled with the payment security and risk management that Shieldpay offers, this creates a product that is unrivalled in the market.
鈥淭he Shieldpay team is very excited about the partnership and look forward to growing alongside OakNorth.鈥�
Amir Nooriala, chief strategy officer of OakNorth Bank, added: 鈥淭his latest partnership is another example of two leading fintechs coming together to provide a better experience for the customer.
鈥淭his will be particularly useful for our property developer clients where there are often numerous parties involved in a project 鈥� architects, project managers, contractors, sub-contractors, designers, etc 鈥� and it can be challenging keeping track of all funds and ensuring that all parties are being paid the right amount at the right time.鈥�
This latest partnership builds upon OakNorthBank and Shieldpay’s integration with ClearBank.
A spokesman said it was “exploring other developments with Shieldpay”.
Ealier in the year, OakNorth聽Bank, secured $440m (拢354m) from Softban’s Vision Fund.
The bank has also recently partnered聽with online savings and investments paltform Smarterly to聽launch a range of ISAs.
