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JTC
Global professional services provider JTC has launched an enhanced escrow services proposition for the European market.

The Dutch central bank – De Nederlandsche Bank – has granted JTC a new licence under the European Union’s Second Payment Services Directive (PSD2).

The licence allows JTC to act as an independent and neutral escrow and settlement agent in major transactions, holding funds and assets safely on behalf of parties on both sides of a transaction. In particular, the new service includes wire transfer and deposit services in relation to M&A transactions, collection and distribution of investor commitments, litigation and arbitration awards and milestone-based transactions. 

PSD2, which came into force in January 2016, was designed to sharpen competition in the European payments market.

“This new service has been launched in direct response to market demand in order to meet the increasingly complex needs of companies and investment funds undertaking transactions in a sophisticated corporate environment," Dewi Habraken (pictured), senior director, business development, JTC, said. "The risks inherent in the modern global M&A environment as well as shifting client requirements are meaning that using an independent, expert escrow agent is increasingly attractive."