An escrow account is one in which the contracting parties in a commercial agreement (the client in relation to the Bank), deposits an escrow with a bank (the bank as broker), money, securities or document which are kept on deposit, in that the bank is authorized to pay out the deposited money or document to the other contracting party (the beneficiary), under the conditions established by the escrow contract between the bank and the escrow agent, the client and the beneficiary. This is a trust account, which serves to settle claims from which payment is made only after certain conditions have been met.
It serves to offer services of brokerage when conducting monetary transactions which are conditioned by the completion of specific actions, which are proven by presentation of the contract documents.
For more information see PBZ Sinergo desk
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