Deutsche Bank is piloting a new B2B payment service for large value transactions, db-eEscrow, with secondhand machinery marketplace, GoIndustry.
The XML-based db-eEscrow service is being introduced to GoIndustry buyers and sellers as a secure and efficient way of executing high-value online transactions. The service is accessed directly from the GoIndustry platform without the user having to leave the exchange Web site.
Carl Ludwig, Deutsche Bank's COO of e-commerce, says: "The GoIndustry business of transacting high-value machinery over the Internet offers us an ideal opportunity to pilot our latest electronic cash management solution - db-eEscrow."
Once the buyer and seller agree to and submit an online contract, the encrypted form is transmitted to Deutsche Bank. When the buyer pays the required funds into a specified bank account, Deutsche Bank verifies the payment and informs the seller of the receipt. In this way, says the bank, db-eEscrow eliminates the risk of non-payment for the seller and ensures delivery of goods for the buyer.