Internet giants in escrow

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In international practice, escrow accounts are used for these purposes. The essence of settlements through them is that all values ​​are transferred from the account by the agent in favor of one of the parties to the transaction only if it has fulfilled its obligations under the transaction to the other party. Therefore, the use of escrow allows the seller and buyer to ensure the fulfillment of obligations and minimize the risk of the failure of the transaction or the possibility of fraud by one of its parties.

An escrow account is a special conditional account where kuwait mobile phone numbers database property, documents or funds are recorded until certain circumstances occur or certain obligations are fulfilled. Escrow account opening services in global practice can be provided by banks, law firms, specialized firms or other escrow agents. Most often, such accounts are used in trade transactions.

In the USA, for example, escrow accounts have begun to be widely used in real estate transactions. Three parties participate in such a transaction: the buyer, the seller, and the escrow agent. The latter monitors the progress of the real estate purchase and sale transaction and issues money from the escrow account to the seller at the time of signing all the necessary documents. In world practice, escrow accounts are used on par with such instruments as collection, letter of credit, and bill of exchange.

The escrow agent monitors the transaction and transfers the money to the seller only after the necessary documents are signed.
The escrow agent monitors the transaction and transfers the money to the seller only after the necessary documents are signed.
Abroad, online escrow began to be used in 2009. Many trading platforms, including giants eBay and Aliexpress, have been attracting new users using this technology for several years. For example, the licensed online service escrow.com is a partner for protecting transactions for eBay and FedEx.

Aliexpress and hkin.com offer protection on their platforms due to their own escrow services. This service is also implemented inside the PayPal and Webmoney systems. In Russia, there are already built-in and niche services, for example, on the freelance exchange fl.ru, and CashPass is popular in the gaming industry.

What is there in Russia
In 2012, a draft federal law was developed "On Amendments to Parts One, Two, Three and Four of the Civil Code of the Russian Federation, as well as to Certain Legislative Acts of the Russian Federation." This document prescribed a new type of agreement - an escrow agreement, as well as a new type of bank account - an escrow account.