Secure payments provide Shieldpay has been awarded an Innovate UK grant.
The funding will be used to scale up Shieldpay’s Third Party Managed Account (TPMA) solution in the UK and help it expand into the global real estate market.
In May this year, Shieldpay successfully completed the UK’s first fully digital real estate transaction with MyHomeMove and Barclays, with the support of the Council for Licensed Conveyancers and other industry stakeholders.
The solution also enables parties to complete on transactions at anytime from anywhere, including completing a house purchase on a weekend or bank holiday.
The current transactional process involves the coordination of multiple payments across multiple accounts with different banks and between consumers, lawyers, lenders and other stakeholders, such as HM Revenue & Customs and HM Land Registry.
Shieldpay’s secure TPMA solution removes the need for solicitors to hold client money.
Geoff Dunnett, real estate director at Shieldpay, said: “This grant recognises the transformative work we are doing in this sector. It will allow us to change the way real estate transactions are undertaken, improving the homebuying process in the UK and beyond.”
Stephen Ward, director of strategy and external relations at the Council for Licensed Conveyancers, added: “The CLC is delighted to have supported pilots of the use of Shieldpay’s escrow system in conveyancing transactions.
“Those pilots have demonstrated the potential value of modern digital escrow in reducing risks as money changes hands and by improving the homebuying process more broadly.
“We look forward to the development of this tool and encourage others to work with us as we support innovation in conveyancing.”