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Encryotion Decryption of Other system Passwords

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Hi All,

I wanted to know what is the best way or best practice that should be followed when we are storing third party passwords in SAP for an external web service call.

I know there are methods like proxy(SOAP) and destination(REST),however with oAuth authentication we have shared secret which needs to be stored in an encrypted manner (or is there a way we can do OAuth 2.0 authentication through SM59 ?)
So we need these secrets/passwords to be stored in a custom table in an encrypted manner which can be decrypted at runtime and then used at runtime, so no human eye can see the password.

I know there are base64 encryption methods but that is very weak , what would be the preferred way to encrypt this information?