Escrow requirements vary across industries and applications. Our platform can quickly configure a solution to meet your needs.
An escrow account is an account where funds are held in trust whilst two or more parties complete a transaction. This means a trusted third party such as a professional firm, online trading portal, trade body or government agency will secure the funds in a trust account until the contract is complete.
The funds held in an escrow account will be disbursed to their beneficial owners once the terms of a contract or escrow agreement have been fulfilled and possibly after the trusted third party has adjudicated on the fair outcome of the contract.
Within this broad definition there can be significant variation in the escrow requirements for different industries and applications. Our platform can quickly configure a solution to meet the exact requirements of your industry and your clients. To illustrate our flexibility and broad functionality, here are several examples of different escrow requirements we can configure:
- Escrow for Rental Deposits – Cashfac automatically processes collections from clients and letting agents and ensure that they are automatically moved to a segregated account for each deposit.
- Escrow for Trading – our solution allows the online or offline escrow agent or trading platform to provide an escrow account for each buyers or seller.
- Escrow for Lawyers – we enable lawyers to offer a cost-effective and highly flexible escrow service to their clients, easily configured to meet different state regulatory requirements.
- Mortgage Collection/Securitization – we offer a complete solution to meet the challenging escrow requirements relating to the collection and disbursement of regular payments for securitised mortgages in the USA.
For more information on our Escrow Accounts solution, please download our full product paper.