At Wingform, we understand the critical role that escrow services play in securing and facilitating aircraft transactions. To this end, we offer robust escrow options within our Deal Flow Controller, providing our clients with seamless integration and flexibility throughout their transactions. There are two ways to utilize escrow services on the platform- through Integrated Escrow Service Providers and Broker's Providers.
Integrated Escrow Service Providers
Wingform has established integrations with Insured Aircraft Title Services, LLC and AIC Global Limited (AIC Global Solutions TM) to offer integrated escrow services directly through our platform. These integrations are designed to streamline the escrow process and ensure a high level of security and compliance for all parties involved.
The use of the Integrated Providers' escrow services on Wingform implies:
applying for their services online by sending the details of the anticipated transaction and compliance data and documents on the parties involved;
reviewing the application by the Providers: compliance verification, determining terms of the services provision, confirming the approval;
receiving the Providers' approval and terms of the services (escrow fee amount);
accepting the Providers' terms of services and selecting the legal arrrangments set-up;
cooperating with the Providers during the transaction: receiving confirmations about the flow of funds and exchanging transaction data and documents required for the closing of the transaction.
Applying for the services of the Integrated Providers can be accomplished through Service Providers section on the platform or directly when starting a new deal in the Deal Flow Controller.
Applying for Escrow Services
(!) Before applying for the services of the Integrated Providers, all broker's clients have to undergo a compliance check through the integrated services of SUMSUB. Read about compliance verification on Wingform here.
When applying for Escrow Services in the Service Providers section, you need to submit a request by selecting an aircraft from your Inventory and parties of the transaction from your Clients list, as well as indicating (expected) price and deposit details.
When submitting the request, you agree that compliance data, documents, and reports will be sent to the Provider. The exchange of data with Integrated providers is accomplished through secured channels. Read more about WINGFORM's security measures here.
As soon as you submit the request, it will appear in your dashboard for your reference, where you can monitor its status. When the Provider accepts your application or takes a decision to approve (or reject), you will be notified on the platform and by email. Note, that the Provider will first analyze the parties of the transaction and if they are approved it will take decision to approve the application and suggest terms of service (escrow fee amount).
Another way to apply for the Integrated Providers' services is in the Deal Flow controller.
When setting up a deal, the system prompts the broker to select a buyer, a seller, and an an Provider.
The system will check if this transaction and the parties were previously approved (through the Service Providers section, for instance) and suggest submitting the application. The selected Provider then receives the clients' KYC details and documents for approval. Transactions cannot proceed until approval is granted, ensuring compliance with regulatory standards.
Getting Approval
When taking a decision to approve the application, the Integrated Provider will indicate the terms of its services- escrow fee amount. This term will be automatically added to your transaction details and used in calculations of funds flows. You will be notified about the offered terms on the platform and by email.
Using Escrow Services in Transactions
- Legal Arrangements: Brokers have the option to determine how legal arrangements with the Provider are handled, including whether the Provider co-signs the purchase agreement directly or a separate escrow agreement is used. (For AIC Global Solutions, no escrow agent's signature is required as described in the CLOSING PROVIDER POLICY.)
- Escrow Fee Distribution: Brokers can decide the distribution rule—whether fees are paid by the buyer, the seller, or split evenly.
- Escrow Agreement Templates: Choose from pre-approved templates provided by the platform or upload a custom template agreed upon with the Provider.
- Automated Funds Flow Confirmation: The Providerconfirms all payment activities within the escrow account -receipt of a deposit and final payment, disbursments of funds at closing, etc. -ensuring transparency and accuracy.
- Closing Statements: At closing, the Provider will issue and upload the Closing Statements to be confirmed by the broker (parties).
- Closing Document Dating: At the closing stage, the Provider may be required to date the closing documents, either online for digital signatures or by uploading dated scans for wet signatures.
Client’s Escrow Provider
For clients who prefer to use their own trusted escrow provider (EP) not integrated with Wingform, our platform facilitates this choice as well:
- Custom EP Setup: Brokers can set up their chosen EP's account in advance of initiating a deal and input all necessary details, which will be reflected in the relevant transaction documents.
- Independent Coordination: Using a personal escrow provider means the broker is responsible for all coordination, document signing, and payment confirmations. Wingform does not interact directly with non-integrated EPs, placing full control in the hands of the broker.
Conclusion
Wingform’s escrow services are designed to enhance the security and efficiency of aircraft transactions by providing flexible, integrated solutions that meet the diverse needs of our clients. Whether you choose one of our integrated providers or your own, Wingform supports you every step of the way, ensuring your transactions are secure, compliant, and successful.
For more detailed guidance on using Wingform’s escrow services, or to get started with your next transaction, visit our Help Center or contact our support team today.