Revolutionizing Escrow Management for a Leading UAE Islamic Bank: Ascent’s End-to-End Automation Solution

Ascent is proud to have assisted one of the largest Islamic banks in the UAE by assets, and the third-largest Islamic bank in the world. It leads in the escrow domain with  Multinational clients and we assisted them in Escrow Management.

Challenges

• Stability, usability, and acceptability of the current system.
• Manual Business operations via Excel spreadsheets and file-based documentation.
• No automated system to handle escrow management.
• Lack of data flow/interface between critical business processes and bank core systems.
• Complexity in Data collection for yearly RERA report generation. 
• Not compliant with RERA and CBUAE standards.
• Fines imposed by RERA due to manual errors in reports.

Solution

Automated Escrow & Trust Account Management Software Suite

• End-to-End Project/Owner/Developer Lifecycle Implementation
• Real-Estate project management with different types of units.
• Deposit and Unit allocation for all the sale activities through manual and automatic processes.
• Project Expense or payment management for different payment buckets.
• Different Fee payments along with Cap locks with direct integration with the bank
• User-friendly interface with all necessary Dashboards and reports
• Effective tracking and resolution.
• RERA-compliant reports for Monthly Escrow activity and Unit-Sales allocation

Result

• Exec/top management view added to escrow management function.
• Automation achieved regulatory compliance.
• Escrow processes (real-time payments, beneficiary registration, retention amount processing) successfully automated.
• Automated messaging and email notifications for activity review and approval.

40% Increase in Efficiency 

95%Regualtory Compalince Automation

55% Reduction in Manual Resources

Discover a world of automated escrow management and bid farewell to manual processes with Ascent Autoescrow!