{"id":428392,"date":"2020-08-25T09:39:07","date_gmt":"2020-08-25T07:39:07","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=428392"},"modified":"2020-08-25T09:39:44","modified_gmt":"2020-08-25T07:39:44","slug":"standard-bank-buys-stake-in-escrow-fintech-tradesafe","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/428392\/standard-bank-buys-stake-in-escrow-fintech-tradesafe\/","title":{"rendered":"Standard Bank buys stake in escrow fintech, TradeSafe"},"content":{"rendered":"<p>Standard Bank has acquired a 35% equity stake in fintech TradeSafe Escrow &#8211; the platform underpinning its <a href=\"https:\/\/businesstech.co.za\/news\/banking\/397537\/standard-bank-launches-escrow-service\/\">recently-launched escrow service<\/a>.<\/p>\n<p>Established in 2013, TradeSafe aims to safeguard the buyer\u2019s funds in trust in a transaction involving two or more parties.<\/p>\n<p>Escrow services allow for a third-party, in this case Standard Bank, to collect s buyer\u2019s money, which is then held in a bank managed account until all specified requirements and conditions agreed to between both parties are met.<\/p>\n<p>The funds are only released to the seller, and other approved beneficiaries once the buyer receives the goods or services in the agreed condition.<\/p>\n<p>As part of the investment into TradeSafe, Standard Bank has appointed two non-executive directors to the TradeSafe board. Standard Bank also has management oversight of TradeSafe\u2019s escrow account and is fully involved in the process for payment instructions that TradeSafe initiates.<\/p>\n<p>The bank will also provide a second release payment function, with the platform now able to target commodity and M&amp;A transactions greater than R25 million.<\/p>\n<p>The acquisition comes just three months after Standard Bank launched its own escrow service leveraging the TradeSafe platform.<\/p>\n<p>The service works with clients opening an escrow account in just a few clicks.<\/p>\n<ul>\n<li>The buyer in the transaction will have to be a Standard Bank client and fund the proceeds of the transaction from their transactional account using digital banking channels.<\/li>\n<li>Non-Standard Bank clients will only be able to perform the role of seller.<\/li>\n<li>The client creates a transaction and specifies the terms and conditions. After inviting the seller of the product, that individual can either accept the terms or re-negotiate.<\/li>\n<li>Once both parties are happy, the buyer can deposit the funds for the transaction into the Standard Bank Escrow account, that is independent of both parties.<\/li>\n<li>The funds are safeguarded and only released upon successful completion of the transaction, as agreed by both parties.<\/li>\n<\/ul>\n<p>There is a fee for facilitating the escrow transaction and this fee can be covered by either the buyer or seller, alternatively there is an option to take on a 50\/50 split between both parties. This is the type of terms negotiated ahead of accepting the transaction, Standard Bank said.<\/p>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/banking\/397537\/standard-bank-launches-escrow-service\/\" rel=\"bookmark\">Standard Bank launches escrow service<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Standard Bank has acquired a 35% equity stake in fintech TradeSafe Escrow &#8211; the platform underpinning its recently-launched escrow service.<\/p>\n","protected":false},"author":10,"featured_media":198066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,499,15234],"class_list":["post-428392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-standard-bank","tag-tradesafe"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/428392","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=428392"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/428392\/revisions"}],"predecessor-version":[{"id":428412,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/428392\/revisions\/428412"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/198066"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=428392"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=428392"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=428392"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}