Escrow is the term used when funds or assets are held by a neutral, jointly-appointed third party on behalf of two contracting parties, subject to a transaction being completed between them (typically a contract of sale), until certain predetermined obligations or conditions under the agreement have been met. Simply put, an escrow account is a bank account with defined conditions for the release of funds. An ‘escrow agent’ acts as the neutral third-party intermediary, whose role is to ensure that all parties to a transaction perform as the contract or agreement requires. Escrow therefore is a useful tool that provides security and comfort to both contracting parties in a transaction and can be used in relation to virtually any contract involving the transfer of money or property. It is a preferred way to mitigate risks against the non-performance of an obligation by your counterparty. How Pavypay can help Legitimate escrow services are supposed to protect users from fraudulent activity. An ‘escrow agent’ such as Pavypay acts as the neutral third-party intermediary, whose role is to ensure that all parties to a transaction perform as the contract or agreement requires. If there is a problem with a transaction, the funds/assets can simply be refunded. Hence It is of prime importance that an escrow agent be jointly-appointed by all parties to a transaction and that the escrow agent should be trusted and regulated by necessary and relevant regulatory agencies such as we have in Pavypay. Pavypay is a product of QUIN-TECH SOLUTIONS LTD duly registered with the Corporate Affairs Commission of Nigeria (CAC). As a commitment to providing transparent and excellent escrow solutions, we have also partnered with VFD Bank as our financial partners. Our financial partner (VFD Bank) Limited is licensed by the Central Bank of Nigeria (CBN) and other relevant monetary Authority for such operations. Pavypay provide a botherless escrow service for a wide range of transactions, employing a robust compliance review in order to minimise risk to our users. As an escrow solution service provider, Pavypay will hold funds, in accordance with the terms and conditions under a particular escrow agreement with VFD Bank Limited where we have a pre-established, segregated banking facility. This ensures that there can be no co-mingling of client funds.