APT Systems, Inc., a software development and fintech company, revealed its Verifundr digital escrow platform will resolve problems facing traditional paper-based escrow systems. Verifundr is designed to serve as a fintech bridge between the old cash economy and blockchain-based smart contracts, in a fraction of the time and expense demanded by traditional escrow systems.
“Some traditional escrow processes can take up to 60 days, depending on the type of agreement, which increases costs, exposure to delays, and the risk of losing funds,” says Glenda Dowie, Founder and CEO of APT Systems, Inc. “Verifundr will manage milestones, closing times and costs, while enabling payments to be made seamlessly with US dollars or Spera, our true stablecoin, backed with U.S. dollars and gold reserves.”
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The need for digital escrow was noted in recent statements from Philip Panaino, Global Head of Cash Management at Standard Chartered, who said the surge in ecommerce sales shows little sign of slowing and is expected to hit $4.2 trillion this year, while noting that traditional commercial relationships can be constrained by risk and complexity.
“The good news is that there is now a solution that will help businesses keep up with this trend and the new opportunities it brings,” Panaino says. “Digital escrow provides users with a viable alternative settlement method when conducting marketplace commerce. … As such, digital escrow is a valuable solution and treasurers seeking to help their organizations grow would do well to explore further.”
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Forbes, in an article “Nine Real Estate Technology Trends That Are Here To Stay,” writes: “e-signatures and secure online escrow deposits, along with the automation of manual processes will make the archaic real estate transaction as seamless as ordering groceries online.”
“As the world moves into an ever more digital phase, there is a rapidly growing need for secure, low-cost escrow services to handle everything from buying tickets or cars, to business-to-business payments, and for some real estate purchases,” Dowie says. “This is why we are developing our Verifundr digital escrow platform and will begin releasing more details over the next month. We continue to develop Verifundr and our Spera stablecoin in parallel to provide a complete all-encompassing digital escrow solution.”
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