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.
