OakNorth Bank partners with Shieldpay for secure payments solution

OakNorth Bank has announced a partnership with secure payments solution Shieldpay, in a bid to launch escrow accounts for borrowers. The offering aims to enable the bank to securely hold borrower’s funds in Shieldpay’s digital escrow facility. According to the supplier, the partnership is expected to enable the bank’s borrowers to keep track of capital within the business. It also aims to facilitate the appropriate allocation of funds.

Amir Nooriala, Chief Strategy Officer of OakNorth Bank, said, “This latest partnership is another example of two leading fintechs coming together to provide a better experience for the customer. This will be particularly useful for our property developer clients where there are often numerous parties involved in a project – architects, project managers, contractors, sub-contractors, designers, etc – 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.”

The solution will provide the bank with analytics and insights into borrower’s cash flows for the creation of efficient risk management and control system. Shieldpay’s patent-pending payment system secures the payments processes through verification of both sides of any transactions.

Peter Janes, CEO, and Founder of secure payment solution Shieldpay said, “The Shieldpay solution has found a perfect home inside of the OakNorth ecosystem. The OakNorth offering is truly innovative and coupled with the payment security and risk management that Shieldpay offers, this creates a product that is unrivaled in the market. The Shieldpay team is very excited about the partnership and look forward to growing alongside OakNorth.”

The partnership is built upon OakNorth Bank and Shieldpay’s integrations with ClearBank,

Recently, Workplace savings and investment platform, Smarterly partnered with OakNorth Bank in a bid to offer its customers with a cash ISA savings option along with payroll integrated Investment ISAs.

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