Checkout.com formally partners with B2B fintech Shieldpay
Checkout.com has previously partnered with B2B payments fintech Shieldpay as part of its plans to expand B2B payment services.
Checkout.com’s globally leading payments platform will benefit from the partnership with Shieldpay as the fintech has a robust reputation in the market for solving complex B2B payments. The collaboration will enable Checkout.com to support customers who require more than just direct payment processing.
Founded as Opus Payments in 2009, Checkout.com is headquartered in London and was valued at $40 billion in 2022, making it the most valuable European fintech startup.
According to reports, Checkout.com will leverage Shieldpay’s unique payment engine and digital escrow capabilities to address the payment challenges customers face around security, trust and transparency in high-value online transactions.
Shieldpay’s escrow solution offers protection
As part of the partnership agreement, Shieldpay’s digital escrow offering will enable Checkout.com customers to hold funds in secured accounts (which are PSR, Art. 23 compliant) until both the buyer and seller are satisfied that the terms of the transaction have been met. Cash is then paid out from the account of verified sellers or marketplace customers. In addition, Shieldpay can assist in helping marketplaces disburse funds to subcontractors where necessary. This has previously been a challenging process.
Checkout.com and Shieldpay enter into long-term partnership
Over the past 12 months, Checkout.com and Shieldpay have partnered to serve online marketplace customers and emerging fintech companies to manage complex payments.
They currently provide the payment flow for KodyPay, a rapidly growing digital payment acceptance company. Checkout.com acts as an acquirer, providing a payment gateway to accept payments, while Shieldpay supports merchant verification and payout.
To date, the collaboration has enabled fast, secure and reliable transactions between customers and sellers.
Speaking about the expanded partnership, Daniel Dunne, Head of Partnerships at Shieldpay, explained, “We are delighted to formally announce our partnership with Checkout.com. We are both on a similar mission as payment innovators and the services our platforms offer the market works in perfect harmony. With these key drivers aligned, we look forward to the future of this partnership and to growing together, and we now envision new opportunities to work together further.”
Miyesa Hussain, Strategic Partnerships at Checkout.com added: “Together with Shieldpay, we are giving our merchants even more value and flexibility for their B2B transactions. Shieldpay’s digital escrow technology is truly innovative and further improves the payout process for our customers. We are excited to see where this partnership takes us.”
