Leading Third-Party Managed Account (TPMA), corporate escrow and paying agent services provider, Shieldpay, has launched a new trust services offering regulated by HMRC. The expansion is in response to increased demand from the professional services industry for Shieldpay to be involved in higher-value and more complex transactions involving an ever-increasing number of jurisdictions.
The offering of trust services through a digital platform is a big step in modernising the way corporate escrow and paying agent transactions are facilitated. Shieldpay’s unique offering provides flexibility and transparency with real-time updates as well as increased efficiencies with competitive pricing models.
The expansion in product offering means Shieldpay can:
- Facilitate larger and more complex transactions
- Hold funds for longer periods of time
- Handle transactions in 40+ jurisdictions
- Provide corporate escrow and paying agent solutions for deals such as asset purchases, mergers and acquisitions, property transactions, lending and collateral transactions, litigation settlements, travel trusts and PPE purchases
Shieldpay Trust Services builds on the company’s already established portfolio of digital payment solutions and follows the group’s customer-first approach, putting ease and efficiency at the core of the service offering. As with all Shieldpay solutions, Trust Services takes care of customer due diligence and onboarding, allows for digital authorisations and provides real-time visibility of fund status and access to statements and audit trails.
Firms will be able to access the added services directly from Shieldpay’s award-winning digital platform from today.
Foot Anstey advised Shieldpay on the legal and regulatory implications of their proposals to develop their offering and, Alan Hughes, partner in Foot Anstey’s Financial Services team commented: “Shieldpay’s innovative approaches to the technical and legal challenges associated with the provision of a digital first solution to this sector is exciting. We were pleased to be able to bring to bear our extensive experience of the complex regulatory issues and trust structures to this very specific use case, and provide a solutions-led approach enabling Shieldpay to bring their solution to market quickly to meet client demand.”
Geoff Dunnett MD of Shieldpay said: “The addition of Trust Services to the Shieldpay solutions portfolio is a great next step to expand our offering to the legal sector and their clients as we aim to become the one-stop shop for firms to handle all their transactional needs. Our solutions come into their own where the value, complexity or type of transaction sits outside of a firm’s regulatory permissions and operational risk appetite.”