OakNorth Bank is partnering with payments firm Shieldpay on the launch of digital escrow accounts for borrowers in what a spokesperson for the small business lender says is “the first time a commercial lender is marrying up both real-time disbursement of payments with escrow functionality giving certainty and multi-party sign off of payment recipients . . . Eliminating fraud risk.” Amir Nooriala, chief strategy officer at OakNorth Bank, said the partnership “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.”
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Providing insight into technology and innovation in the legal, accountancy property and consultancy sectors. Alternative Insights brings together news, commentary and thought leadership about digital transformation across the entire professional services industry. We collate industry stories on innovation, technology and transformation in the legal, accountancy, management and property consultancy sectors, giving you access to the latest thinking about tech and innovation in the professions.
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