Escrow Promart Commercial-Corporate

Escrow is an arrangement whereby the underlying Asset/Security such as License, Source Code, Properties, Fiduciary Assets etc. is delivered to a third party (called an escrow agent) to be held in trust pending a contingency or the fulfillment of a condition or conditions in the contract as agreed to between the parties.

This is usually entrusted to reputed Institutions including Banks who will act as an Escrow Agent.

The underlying Asset/Security is retained by the Escrow Agent until the accomplishment of the Objective for which the Escrow arrangement was created

Ascent Escrow system is are very useful in the case of a transaction where a large amount of money is involved and a certain number of obligations need to be fulfilled before a payment is released.

Ascent Escrow Features:

Deal Creation and Maintenance:

Ascent Escrow system user initially creates a deal, with a very minimal detail of the customer and monitor for the status of the further actions like verified or Approved.

Append Accounts to the Deal

Ascent Escrow provides the facility to manage each deal with a unique ID and associated Account number.

Configurable Deal based Rules:

Ascent Escrow systems have the dynamic deal rules configuration feature as per the user convenient-

  • Provision to configure funds transfer within accounts in a Deal
  • Amount capping, percentage distribution and priority setting
  • Dependence on prior rules can be defined
  • Provision to configure Fixed Deposit creation
  • Execution of time-defined funds transfer/fixed deposit creation as per Standing Instructions
  • Amendment of Rules
  • Rule Engine Standing Instructions

Based on the defined standing rules and the client terms and conditions Ascent Escrow system will act.

Payments:

Ascent Escrow system has the Facility to initiate payments online real-time processing through various types of payments viz., NEFT, RTGS, IMPS, Internal Funds Transfer, Draft issue etc. Verification of payments received and approval. Ascent Escrow application supports bulk payments as well.

Fixed Deposits:

Ascent Escrow system has the Facility to initiate requests for creation of Fixed Deposits and accept the requests for closure/cancellation of Fixed Deposits with the Standing Instructions.

Customer access:

Escrow customers can able to view all his/her Deals and related information at his/her end and also has request option to create, close his/her Fixed Deposits. A customer can also able to view balance amount and related documents.

Non-functional features

Ascent Escrow system also contains non-functional features such as the following.

  • User Management
  • Email/SMS facility
  • Customer Advice
  • Dynamic Reports and Dashboard builder
  • Authorization matrix as per the designations

Ascent Escrow provides a host of advantages for people who choose to transact with it. Whether it is digital goods, vehicles, property etc, Ascent Escrow ensures that all buyers and sellers are protected equally and their disputes dealt with the utmost concern.