Information Escrow Agreement

Information Escrow Agreement for a leading digital bank

This relatively new digital challenger bank has been operating personal accounts and lending facilities for a number of years. With ambitious plans to grow, SES was chosen after a detailed and rigorous tender process to provide a range of Escrow services to protect the bank and its processes.

The Problem

With the digital bank making its first move into mortgages they need to raise sufficient funds from a major European bank in order to provide mortgages to its customers. The major European bank required guarantees that the service will be properly facilitated by the digital bank and SES were approached to provide advice and consultancy on the provision of an Escrow component.

The Solution

SES provided a completely bespoke Escrow agreement that stored the details of every individual mortgage arrangement made by the digital bank.  The details were validated by an independent expert to ensure the mortgage information was correct and up to date with the land registry and compliant with the GDPR. In the event the lending facility was not met by the digital bank, the European Bank had rights to access the Escrow deposit and operate the lending facility and mortgages direct with the digital bank's customers.

The Outcome

With the help of SES, the digital bank and European bank agreed the lending facility of £180 million pounds through SES’s bespoke Escrow facilities.