Third-party account

What is an escrow account and why do we use it?

An escrow account is used to make the payment process secure and transparent. In the case of BouwSafe, this means that the amount deposited by the client does not go directly to the contractor but is managed by an independent third party, namely the escrow account.

This separate bank account acts as an intermediary where the funds are temporarily parked before being disbursed to the beneficiary upon approval.

The use of an escrow account offers significant advantages, particularly in terms of security and protection of funds. For instance, if the contractor goes bankrupt, the money remains safe in the escrow account and is not lost. This provides peace of mind to both the client and the contractor, as the funds are managed in a secure and controlled manner.

BouwSafe collaborates with a reputable payment processor specializing in the management and handling of escrow accounts. This ensures that the process meets all legal requirements set by De Nederlandsche Bank (DNB) regarding the management of escrow funds. This guarantees the integrity and reliability of the payment process within BouwSafe.

REGULATIONS

ONLINE PAYMENT PLATFORM (OPP)

European Economic Area (EEA)

Our payment processing partner, Online Payment Platform BV, is licensed by De Nederlandsche Bank to provide payment services in the Netherlands and other countries within the European Economic Area (EEA). Online Payment Platform BV is registered with De Nederlandsche Bank under number R124325.

The primary purpose of an escrow account is to ensure the safety and protection of funds, with benefits such as:

  • 1. Protection: The contractor is assured that the financial resources are available, while the client maintains control over the finances through BouwSafe.

  • 2. Transparency: The use of the escrow account promotes trust and transparency between the client and contractor, with clear insight into financial transactions and reduced room for misunderstandings or disputes.

  • 3. Neutral Intermediary: The escrow account acts as a neutral intermediary where funds are safely held.

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Laws and Regulations

Compliance with regulations

As an organization, we understand that compliance with regulations set by DNB is essential for maintaining a stable financial system and the trust of clients and the public as a whole.

DNB's role is to maintain the stability of the financial system and ensure public trust in the financial sector. Our partner, who manages the escrow account, meets specific requirements set by DNB.

1. License

An escrow account holder must apply for a license from De Nederlandsche Bank (DNB) to operate as a payment institution. This involves meeting requirements related to business operations, risk management, and compliance with laws and regulations.

As the holder of an escrow account, one is subject to supervision by De Nederlandsche Bank (DNB). This means that regular reports must be submitted, and inspections may be conducted to ensure that regulations are followed and the financial health of the organization is maintained.

An escrow account holder must comply with various laws and regulations, such as the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) and the European Payment Services Directive (PSD2). This includes implementing measures for customer identification, transaction monitoring, and reporting suspicious transactions.

DNB sets certain capital requirements for escrow account holders to ensure financial stability. It is important to maintain sufficient equity and meet the solvency and liquidity requirements prescribed by DNB.

As an organization, we understand that compliance with regulations set by DNB is essential for maintaining a stable financial system and the trust of clients and the public as a whole.

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