Streamlining Escrow Management for a Leading Indian Bank

Ascent is proud to have assisted one of the leading private-sector banks in India.

Challenges 

• Current system’s stability and usability.
• Escrow deals managed manually via Excel and file-based documentation.
• No automated escrow management system in place.
• Critical business processes lacked data flow/interface with bank core systems.
• Unitary instructions and Standing Instruction for NEFT, RTGS, and IFT were subjective and dependent on CBS.
• Bank fees incurred manual errors for Escrow deals and payments.

Solution

Automated Escrow & Trust Account Management Software Suite

• End-to-End “Bank – Customer – Counterparty” Escrow Lifecycle Implementation. 
• Automated messaging and E-mail notifications for reviewal and approval.
• Enabled real-time Auto-Debits, Unitary Payments, and Bulk Payment Uploads, integrated with core banking.

Result

• Exec/top management view added to escrow management function.
• Automation achieved regulatory compliance.
• Escrow processes (real-time payments, beneficiary registration, retention amount processing) are successfully automated.
• Automated messaging and email notifications for activity review and approval.
• Beneficiary management for Customers as well Escrow Deals.
• Bulk Payment Upload up to 10,000 payments in a one-go.

60% Faster Decision Making

45% Increase in Efficiency 

50% Reduction in Manual Resources

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

 Contact us and learn more about AutoEscrow.