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 fulfilment of a condition or conditions in a contract as agreed to between the parties. 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 ProMart© Management System is an enterprise system and is fully compliant to RERA regulatory requirements. Ascent is the first company to build a comprehensive system for end-to-end Escrow Account Management, Property Management, Regulatory Compliance and Reporting.
The software’s off-plan project lifecycle management is designed according to RERA mandates. Our industry-best experts understand the dynamic nature of Real Estate and Escrow Management business and our dedicated team of Business Analysts is always alert on Regulatory changes.
Our Centre of Excellency enables us to follow the best practices and allow us to offer upgraded versions of ProMart system. This web-based software meets the regulatory and compliance needs of RERA and Trustee Banks, including Property Developers and Stakeholders. It streamlines the banking functionality by automating the manual processes of Trust Account Creation and Maintenance, along with direct and flexible reporting, to keep a strong check and balance in the Industry.
- Project Registration
- Profile and Accounts Creation
- Escrow Account Opening (Developer Level)
- Retention Accounts Opening
- Sub-Account Opening (Investor Level)
- Monitoring of Deposits / Payments to accounts and sub-accounts
- Automatically transferring of the mandatory Retention Amount into sub-accounts
- Controlled Disbursements According to RERA’s Guideless: Construction Payments, Project Management Payments, Broker (Marketing) Payments, Other Payments
- Documents Management
- Maintaining Bank Charges (Annual/Monthly Fee, Sub-Account Fee, Transaction Fee, … Annual Audit fee, …
- Reporting as recommended by the bank and required by RERA (Project Status Report, Buyer / Unit List, Buyer / Unit Payments Report, Reconciliation Report, Annual Audit, Transaction Reports, …
Different Level Access To System
- Developer Access
- Investor Access
- RERA/ Regulatory Access/ Or System Integration
- Bank Escrow Business Users Access
Different Modules Requirement from System
- Workflow Management
- Role Based Access Control
- Analytics & Reconciliation
- Alert & Escalation
- Document Management System
- Reporting & Dashboard
- Upward & Down Ward Enterprise Integration
Current Challenges – How it happens today at Bank:
- Unidentified Funds allocation.
- No Unit Level Manageability & Reporting for all receipts.
- No Drill down facility available for each payment, as per category type & RERA requirements.
- No Customized reporting facility for operations, middle and high-level management.
- Stability, Usability and Acceptability of the current system.
- High error rate and considerable risk due to manual intervention needed to complete the reconciliation.
- Difficult to Maintain the entities (Developer, Owner, Project).
- Maintaining manual Payments of entities is difficult.
- Cannot identify the owner who belongs to which project.
- Could not aware of the following earlier
Project Management Payment, Construction Cost Payment, Sales & Marketing Cost Payment, Brokerage Payments, Bank Charges Payments, Reimbursement Payments, Cancellation / Refund Payments, Payments on written RERA Approval.
High-Level Pictorial View