Partner Verification
The Chartmore Partner Verification Product (PVP)
Escrow systems are not new, however Chartmore’s Partner Verification Product (PVP) for buyer or sellers and their Paymaster Dispersal Product (PDP) for mandates and intermediaries are. These have been specifically designed for today’s commodity and trading market.
Using both products together will allow commodity contracts to be successfully concluded quickly and risk free, ensuring buyers receive their goods faster, sellers get their cash earlier simultaneously protecting mandates and intermediaries’ commission payments.
Verification and Authentication
Stopping Fraud
Most transactions fail at the first hurdle through lack of trust and confidence where both sides have experienced difficulties in the past that have costs them time, money and credibility. Chartmore’s system protects each individual transaction from fraud using its lawyers, authentication, verification and inspection services. Chartmore’s bank play also a vital role in all contracts providing their own expertise when working with other international bankers.
Trusted 3rd Party
The Partner Verification Product allows both buyers and sellers to validate each other anonymously at the outset of a transaction. Using Chartmore as a trusted 3rd party, sellers send in their soft Proof of Product such as refinery documents, allocation papers or ownership licences depending on the commodity, buyers their blocked Proof of Funds via the SWIFT system into the Escrow Account, after verification both entities can be assured that each other are genuine. Up till this point both are still not aware of each others identity.
Once established and confirmed as a real buyer and seller Chartmore issue an Escrow contract inviting both to commence the transaction as per the terms of the agreement.
Procedure
Stage One
Seller to submit a soft POP / capacity to deliver / authentication of them being a genuine supplier into the Chartmore Escrow PVP system. These documents can be sent by email, fax or courier directly to the Escrow Agent / lawyers.
** OR **
Buyer to submit through the SWIFT system into a Major European Bank the verification
of them having blocked the funds for the transaction for an agreed period of
time.
The monies
stay in the buyers account until contracts are agreed and the transaction process
commences.
Stage Two
Set up the initial structure for the Paymaster Dispersal
system concurrently to ensure all brokers and mandates are
covered by fees, confidentiality preventing non circumvention.
Offshore companies and bank accounts can be formed at a Major
European Bank if deemed appropriate at this point (apply here). The Paymaster system is linked to the buyer / seller contract. Once successfully concluded all parties are simultaneously paid.
Benefits
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Buyer / Buyer Mandates can confidently negotiate transactions with sellers knowing there is a genuine allocation/product available. |
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Seller / Seller mandates can confidently negotiate with buyers with knowledge they are dealing with a real buyer who has blocked funds ready for the transaction. |
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Buyers can confirm the existence of the anonymous seller POP in the Escrow PVP system by telephone or email. |
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Sellers can confirm the existence of the anonymous buyers blocked Proof of Funds ready to purchase the product. |
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Brokers can be guaranteed their individual commission will be simultaneously paid once the transaction has been successfully concluded to a bank account of their choice. |
For further details of Chartmore's exclusive Partner Verification Product please click here.
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