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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