MUFG Investor Services is set to launch an escrow service offering that will allow clients to mitigate risk to business transactions by placing their money with a safe and neutral third party.
The new service will act as an extension to the firm’s current banking product suite leveraging its existing capabilities.
Clients will be assisted with transactions that require an independent party to hold cash, while disbursing it quickly and securely, in accordance with the terms of the escrow agreement.
Money will be held in the Cayman Islands, and a team from MUFG Investor Services will centrally manage the onboarding and negotiation of terms, in line with their standard escrow and banking agreements.
This combination of factors means that the terms of escrow accounts can be negotiated and opened swiftly, according to MUFG Investor Services.
Throughout the process, MUFG Investor Services will also provide due diligence, operating its know your client checks, prior to receipt and disbursement of funds.
“We are very excited to be launching our new escrow offering, which will not only provide a value-add service to our existing clients but will also allow us to offer other MUFG Investor Services products and services to new escrow-only clients,” comments Dan McNamara, chief strategy officer, MUFG Investor Services.
McNamara adds: “The offering will be a key component of the future banking value chain, and our dedicated team will ensure that escrow accounts are set up quickly and efficiently, while maintaining the highest standard of client service across the relationship.”
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