Unlocking Efficiency: How Banks Are Streamlining Transactions with Automated Escrow
Introduction Traditionally, escrows offered a secure solution, with buyers transferring funds to a neutral intermediary bank account. Upon verified product delivery, the bank released funds to the seller. While secure, this manual process could be time-consuming and prone to human error. In today’s dynamic business environment, ensuring secure and efficient transactions is paramount and hence there is an increasing shift towards automation given the increasing importance of financial security and transaction efficiency The Evolution of Escrow Services Escrowing valuables for secure transactions dates to ancient times, even before money. This practice continued through medieval Europe with courts holding land titles. Today, escrow services remain vital for secure transactions in real estate, mergers, and beyond. F uelled by the growing need for trust, the global escrow market is projected to reach USD 600 Billion by 2028. T...