Mitigating transaction risk
The Escrow Account improves safety of business transactions. In the form proposed by Bank Handlowy w Warszawie S.A., operating under the Citi Handlowy brand, this solution secures a transaction between the buyer and the supplier by ensuring that the appropriate amount to pay for the transaction in the future is deposited in the Escrow Account.
- fast and simple implementation – the Bank needs not to grant credit limits
- improved commercial and financial credibility of the Client, which is important especially when establishing relationships with new trade partner
The most important features of the product
- enables the parties to improve safety of their business transactions
- the agreement is signed among the supplier, the buyer and the Bank
- is a solution that secures the contract between the buyer and the supplier as the appropriate amount is deposited in the Escrow Account to pay for the transaction
- the transaction is settled on the terms and conditions agreed by the parties, with the Bank as the executor of the agreement
Escrow Account is recommended when:
- we want to reduce the risk connected with a high-risk transaction
- the funds allocated to a transaction should be subject to stringent control and be used as agreed by the parties
- safeguards the interest of each of the parties to a transaction
- confirms deposited funds and prevents the parties from using them in violation of the Escrow Account agreement
- drafts and modifies the agreement as required by a given transaction
- ensures support provided by an experienced team dedicated exclusively to Escrow Account transactions
Funds in Escrow Accounts bear interest at the rate negotiated with Clients on a case by case basis. Fees for Escrow Accounts depend on the complexity of a given account and are negotiated with Clients on a case by case basis.
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