Escrow.com and its operating subsidiaries, collectively providing comprehensive online transaction management and escrow services, announced the launch of TransactionPoint, the first secure settlement engine that automates all of the necessary components for completing online transactions — from reliable collection and disbursement of funds to tracking and confirming the performance of all transaction participants, including third parties. In addition, TransactionPoint provides a platform for capturing transactional elements and standardizing business transactional processes. Escrow.com has filed to obtain patent protection for the technology underlying the TransactionPoint engine.
“TransactionPoint provides the B2B marketplace with a critical component for the future of e-business,” said Russell Stern, CEO of escrow.com. “We have combined our extensive domain expertise in trust accounting and escrow with state-of-the-art technology which uniquely qualifies us to provide a reliable solution for securing the completion of online business transactions. We are a catalyst for B2B commerce and are poised to bring business transactional standards to the Internet.”
TransactionPoint is an online rules-based business process application that brings to market the most comprehensive transaction management solution and trusted escrow service on the Internet.
Its user-defined parameters can be tailored to most any domestic or international online trading environment, with a highly flexible application architecture that meets the demands of managing multi-faceted online business transactions. Its time-tested trust accounting system ensures secure payment to all participants upon fulfillment of transaction terms. Its layered architecture has built-in capability to abstract business processes and capture transactional standards that can then be asserted across the B2B marketplace.
The foundation of the TransactionPoint system is escrow.com’s trust accounting technology originally developed by Micro General Corporation (Nasdaq: MGEN) and deployed through Fidelity National Financial, Inc. (NYSE: FNF) that has processed over $1 trillion in escrowed transactions since 1985.
Multiple Party and Flexible Term Capability
The technology behind TransactionPoint allows for the integration of all parties in a transaction, from multiple buyers and sellers to third party participants such as finance, logistic, inspection or appraisal services. In addition, the technology can be customized based on the specific business rules and processes of the individual online trading environment, buyer/seller scenarios, or transaction types.
“Escrow.com enables buyers and sellers to complete online transactions with companies unfamiliar to them, provides absolute assurance that the appropriate payments will be made, and ensures a safe and secure means of online trade,” said Frank Tufano, senior vice president with Chase.com, the unit of Chase focused on e-commerce initiatives.
Multi-staged Deposits & Disbursements
TransactionPoint’s technology offers the capability of multiple and/or staged escrow deposits and disbursements, and can support multiple party fund deposits by an individual buyer, bank or exchange.
“As business-to-business commerce evolves, buyers and sellers will need an easy and secure way to complete their deals online,” said Dwayne Spradlin, vice president of Corporate Development for VerticalNet. “We are confident that the depth and breadth of escrow.com’s offering will be tested across all of our vertical Web sites. Specifically, escrow.com’s TransactionPoint will add value to our customers by providing a complete solution — keeping all transaction participants informed throughout the buy/sell process by allowing us to communicate the status of the sale on a real-time basis.”
The complete history and status of transactions are logged and stored on the TransactionPoint system, and can be accessed by approved participants at any time. Likewise, any partner data can be integrated to ensure accurate and efficient tracking of all terms in order to facilitate settlement of online transactions. At the close of a transaction, the system generates a statement outlining the relevant participants, event dates, actions, deposits and disbursements.
Built on a state-of-the-art enterprise class and highly secure network infrastructure, escrow.com provides its customers with the assurances of the most comprehensive financial networks in the world. “Our fiduciary responsibility is immense and we recognize that the integrity of our data center, network infrastructure and software technology has to be second to none,” said Stern.
About escrow.com Inc.
Escrow.com(TM) and its operating subsidiaries, founded by Micro General Corporation (Nasdaq: MGEN) and Fidelity National Financial (NYSE: FNF), offer comprehensive online transaction management services, including online escrow and logistics tracking for the Internet. Its architecture and infrastructure provide a secure and scalable business transaction platform with integrated transaction management solutions for business-to-business e-commerce as well as online auctions and exchanges. For more information, please visit: [http://www.escrow.com].