The deal was for a leading UK law firm engaged by the seller in a £100m M&A transaction involving over 200 payees.
Shieldpay was identified as the optimal solution for its comprehensive approach to handling payment processes in M&A transactions. Shieldpay's platform offered a robust set of features designed to mitigate the administrative challenges faced by the law firm:
1. Enhanced Stakeholder Communication:
a) Custom Correspondence: Shieldpay designed a personalised letter template for the law firm to share with shareholders, offering clear guidance on the onboarding process.
b) Dedicated Project Inbox: Shieldpay created a project-specific inbox to facilitate efficient communication and collaboration between the law firm and their client.
2. Streamlined Due Diligence:
a) Digital KYC Capture: Shieldpay distributed a digital KYC form to all shareholders, which centralised the process of collecting required data and documentation, thereby reducing manual efforts and potential human error.
b) Bank Details Verification: Utilising a secure open banking solution, Shieldpay sent verification links to shareholders, enabling them to authenticate and confirm their bank details for fund disbursement.
3. Prompt Payout:
Shieldpay's automated disbursement system ensured that once a shareholder provided all the necessary information and passed the verification checks, their funds were disbursed within 24 hours on the law firms instruction.
With Shieldpay's platform, the law firm was able to efficiently manage funds disbursement, which expedited the closure of the M&A transaction. This also enabled the firm's lawyers to focus more on billable work, enhancing productivity and profitability. Moreover, the streamlined process, managed by Shieldpay, led to a superior client experience, reinforcing the client-law firm relationship.
By entrusting Shieldpay with shareholder onboarding and payment management, the law firm was able to successfully mitigate its administrative burden, optimise resource allocation, and secure exceptional client satisfaction. Shieldpay's expertise in simplifying payment processes for M&A transactions emerged as an invaluable asset for the law firm.