BANKEX Escrow is an automated third party receiving service for crypto transactions that stores funds until conditions are met for their release. BANKEX Escrow is linked to different products in the BANKEX product ecosystem, including BANKEX Trust, BANKEX Smart Justice, BANKEX Scan, BANKEX Custody.
What is it
BANKEX Escrow provides secure holding services that facilitate security, quality control and trust between transacting parties.
Security for parties in transactions - funds being transferred remain in escrow account and are accessible only when all conditions of a transaction are fulfilled by recipient only when the sender is satisfied with the quality of goods or services and releases the funds
Consumers of products and services gain quality control advantage in transactions
Product and service providers build trust and reputation for quality by agreeing to Escrow.
BANKEX Escrow facilitates blockchain transactions and enables both vendors and consumers to build verifiable reputation for quality and trustworthiness in the blockchain community. The willingness to pay, the willingness to submit to quality control shows goodwill. When Alice wants to purchase Bob’s services, she can store payment in a BANKEX Escrow account. Bob, in turn, receives an evidence of Alice’s capacity to pay. The release of payment upon successful completion of work is dependant on quality and give Alice security that she’ll get what she paid for and gives Bob an opportunity to demonstrate the quality of his work.