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Just to point out that www.Transpact.com have been successfully operating such an escrow service since 2009 , when it first became possible to become fully FCA authorised as a Payment Service Provider.

There has been some, but not a great deal, of take-up from solicitors to date in the eight and a half years since, although we expect that to change if Barclays pushes the market, as the benefits of escrow are often significant.

Transpact.com's fixed fees are much lower than ShieldPay.com's fees, so ShieldPay.com might struggle against the incumbent in this market.

[Disclosure - I work for Transpact.com]