Outward has developed an online international and domestic B2B trade escrow service. An alternative payment and product delivery risk solution to an on sight Letter of Credit. The key differences being that Outward's solution is faster, simpler, and cheaper! A transaction/trade can be set up in less than 5 minutes. Escrow is a process where a third party acts as an intermediary to ensure both participants to a transaction deliver on their obligations. From the seller/exporters perspective: that the buyer/importer has the funds to pay for the goods; and from an buyer/importers perspective: that the goods have been shipped before the payment is released. For International Trades Outward's escrow service utilises a documentary release process similar to that of a Letter of Credit, so your supplier will receive payment as soon as they have delivered you the required trade documentation. For Domestic trades (New Zealand only), escrowed funds are released on delivery of the goods. Payment to Outward’s domestic and foreign currency escrow accounts (held by Kiwibank in the name of Escrow Services Trust) can be made at any time up to the date of shipment, or as agreed between you and your supplier. You do not need to tie your money up for weeks in escrow. Other features of our trade management platform include: secure messaging and sharing of bank account and payment instructions (reducing the risk of fraud); secure trade document storage and authentication; a single record of transaction truth. We believe banks have had a monopoly on cross boarder payment and risk solutions for too long! LOC’s cost too much and take too long to establish! A process that hasn’t changed in 50 years. Outward represents a change. We are passionate about developing new digital solutions to support increased international trade, and removing barriers for the SME trade community.