Business-to-business (B2B) payment technology company Shieldpay on Tuesday (Nov. 8) announced a partnership with eCommerce payment platform Checkout.com that will allow the latter to leverage Shieldpay’s payment engine and digital escrow capabilities.
Shieldpay’s digital escrow will enable Checkout.com customers to hold funds in secure accounts until both buyer and seller are satisfied that the conditions of the transaction have been met.
Escrow transactions are commonplace in many scenarios such as real estate deals and business mergers and acquisitions.
As PYMNTS reported recently, a smart contract deployed on the Ethereum blockchain was used to enable escrow holding for a property purchase. The technology holds the potential to prevent mortgage fraud.
For Shieldpay and Checkout.com, escrow services are proposed as a solution for online marketplaces and to enable complex transaction types.
The two London-based companies have already been working together over the past year to service digital marketplace customers and help emerging FinTechs manage complicated payments, Shieldpay said.
Initially, the partnership was forged to facilitate the payment flow for KodyPay, an in-person digital payment acceptance solution. Going forward, the two firms will jointly support the payment needs of B2B marketplaces and professional services industries.
“We are both on a similar mission as payments innovators, and the services that our platforms offer to the market work in perfect harmony. With these key drivers aligned, we are looking forward to the future of this partnership and growing together, and we are now envisioning new opportunities to further collaborate,” Daniel Dunne, head of partnerships at Shieldpay, said.
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