Shieldpay is a technology-driven payments platform that provides secure and compliant transaction management for the legal and financial services sectors through its Verify, Hold, and Disburse capabilities. The platform addresses the complexities of legal payments by ensuring compliance, safeguarding funds, and facilitating fast disbursements, having processed over £8 billion in transactions.
Funding
$40.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
CIEIMMFounders
Product
Problem
Legal and financial service firms face complexities in managing high-value transactions, including compliance with stringent regulations, safeguarding client funds, and ensuring timely and transparent disbursements. Traditional methods often involve manual processes, increasing the risk of errors, delays, and potential fraud.
Solution
Shieldpay provides a technology-driven payments platform designed to streamline and secure complex transactions for the legal and financial sectors. The platform offers three core capabilities: verifying the identity and legitimacy of all parties involved, holding funds in safeguarded accounts as an alternative to traditional client accounts, and disbursing payments quickly and transparently. By automating compliance checks, securing funds, and facilitating efficient payments, Shieldpay mitigates risks and enhances the payment experience for all parties involved. The platform supports both domestic and international transactions, providing a comprehensive solution for managing complex payment flows.
Target Audience
Shieldpay primarily serves law firms, financial institutions, and other professional service providers that handle high-value, complex transactions requiring secure and compliant payment processing.
Features
- KYC and due diligence checks on all transaction participants, scaled according to risk profiles.
- Secure holding of funds in safeguarded, reconcilable accounts, mitigating risks associated with traditional client accounts.
- Automated payment disbursement with transparent authorization processes.
- Integration with global payment rails to support international transactions.
- API integration for case and practice management systems, enabling secure and scalable transaction control.
- Event-driven architecture for real-time updates and notifications.
- Compliance with UK Financial Conduct Authority (FCA) regulations and HMRC Trust Services authorization.