OakNorth Bank – the UK bank powered by OakNorth – has today announced a strategic partnership with leading high value, secure 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.
As OakNorth Bank continues to grow its loan book in the UK, 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 fully 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.
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.”
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 unrivalled in the market. The Shieldpay team is very excited about the partnership and look forward to growing alongside OakNorth.”