One of the Big Four Banks of India, ICICI Bank has subsidiaries, representative offices & branches spread across 16 countries and 4 continents.
It facilitates a wide range of transactions, such as:
- Sale purchase transactions
- Real estate debt transactions
- Revenue/profit sharing arrangements
- Mergers & acquisitions
- Project financing & lending arrangements
The bank’s value proposition for the escrow market can be summarized as such:
- It would be a dedicated product, with legal & operations teams to structure requirements accordingly.
- It would have a quick turnaround for implementation.
- Its documentation would be simplified to enhance convenience.
- It would allow customers to gain viewing access on a single login.
- Expertise in regulatory & compliance advisory
There were many obstacles in the bank’s path to realizing their escrow market ambitions:
- The manual handling of business operations took a toll on the bank’s efficiency.
- The escrow management system was not automated, hence making the process complicated & time-consuming.
- The lack of interfacing between critical processes & the bank’s core system led to further delays in processing.
- The yearly/monthly reports created for the regulatory authority were collated very hectically due to the lack of automation, leading to further issues.
- The escrow deal fee collections for transactions, payments, & other related processes were not collected on time.
- The lack of automated systems and/or standing instructions for scenarios such as Borrower/Lender, Contracts, & TRAs were also a drawback.
Ascent ProMart© Escrow was the solution we provided the bank with to help them meet their escrow goals.
Some of its salient features are as follows:
- All stages of the transaction process are covered by its end-to-end matrix.
- It links customers, counterparties, and/or beneficiaries to relevant deals automatically.
- Its configurable setup with standing instructions makes its automated recurring fee/payment deposits a lot more convenient.
- It escrow operations cycle is entirely automated.
- It comes with a user-friendly interface with all necessary dashboards & reports.
Ascent ProMart© Escrow successfully helped the bank meet its ambitions.
The following are the ways in which it helped:
- The service helped them achieve regulatory compliance.
- It enabled an executive/top management view of the process through every step with increased visibility.
- It provided a much higher degree of accuracy than legacy/manual approach, hence enhancing efficiency.
- It enabled quick & accurate data generation at an enterprise level.
- Real-time payments/deposits were enabled with the bank’s core.
- Its automated messaging & email notifications allowed for the reviewing & approval of every escrow-related activity.