Making group action and multi-claimant compensation payments is a complex and costly process. But it doesn't have to be. Shieldpay reduces the risks, administration and costs involved in holding client money and automates the management of paying compensation awards to large numbers of claimants.
Law firms such as Pogust Goodhead and Keller Postman use Shieldpay’s platform so they can focus on what they do best.
Inform Shieldpay of the value of the claim, the number of eligible claimants and timelines for payments and fund your Third Party Managed Account (TPMA).
Once the claimant is verified, and you authorise the payment, the funds flow out of the Shieldpay TPMA to the claimant’s verified bank account or to a gift or prepaid card.
Using Shieldpay TPMA solution, law firms can mitigate against the risks involved with holding client money and streamline the process to securely pay claimants their compensation awards.
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A look at the fraud threat landscape for legal services and how using a Third-Party Managed Account mitigates the risks of illegal activity.