Checkout.com will use Shieldpay’s payment engine and digital escrow solutions. Credit: Towfiqu barbhuiya on Unsplash.

Fintech outfit Shieldpay has teamed up with payments platform Checkout.com to facilitate business-to-business (B2B) payments.

As a result of the tie-up, Checkout.com can use Shieldpay’s payment engine and digital escrow solutions to help customers with various issues that are associated with high value payments online.

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Using Shieldpay’s digital escrow solution, Checkout.com customers will be able to hold funds in secure accounts as per the requirements of buyers and sellers.

Payments will then be made from the account to verified merchants or the consumers.

Besides, Shieldpay will help marketplaces hand out funds to sub-merchants if required.

Shieldpay head of partnerships Daniel Dunne said: “We’re thrilled to formally announce our partnership with Checkout.com.

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“We are both on a similar mission as payments innovators and the services that our platforms offer to the market work in perfect harmony.

“With these key drivers aligned, we are looking forward to the future of this partnership and growing together, and we are now envisioning new opportunities to further collaborate.”

Currently, Checkout.com, in collaboration with Shieldpay, offers payment flow for in-person digital payment acceptance firm KodyPay.

Both the firms plan to offer payments solutions for high value, B2B marketplaces and services sectors in the future in order to enhance the range of their offerings.

Checkout.com strategic partnerships representative Miyesa Hussain said: “Together with Shieldpay, we’re bringing our merchants even more value and flexibility for their B2B transactions.

“Shieldpay’s digital escrow technology is truly innovative and further enhances the payout process for our customers.”

Earlier this week, Checkout.com struck a mutual partner agreement with US-based buy-now-pay-later outfit Splitit Payments to provide an integrated instalment payments tool.