Most non-banking organisations entrusted with client funds are required to use escrow accounts to hold those funds. ABN AMRO Clearing Bank (AACB) has developed an alternative based on blockchain technology, in consultation with Nxchange (a Dutch trading venue and the first client that will make use of the alternative).
With this new service, every client of the non-banking organisation gets a bank account with AACB via the blockchain. As such, fund flows between the organisation and its clients are included in the payment processes under regular supervision. This blockchain method drastically reduces administrative costs for the organisation by eliminating escrow account management costs.
The team advising AACB consisted of Pim Rank, Sven Uiterwijk, Marjolein van Well, Jorik Reijmer and Anke van der Burgh.
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