Case Study

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 v...

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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.

Request a Demo

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