The solution for acquiring secure ESCROW Services in aircraft transactions
Oklahoma City, OK – 24 March 2021 – AIC Title Service announces that it continues to offer solutions that enable both business and commercial aviation industries and their respective aircraft financiers, buyers, and sellers to escrow funds and documents in aircraft transactions in a worry free, safe, and secure environment.
Clay Healey, President and CEO of AIC Title Service, states “There have been several recent shocking occurrences and incidents impacting transactions in our industry. AIC has invested over 15 years in the development of software, technology and processes to safeguard our customer’s funds and documents. We believe that it is important for the aviation industry to recognise that opportunities do exist to obtain safe and sound escrow services for their aircraft transactions. AIC, as the industry leader providing secure escrow services, relentlessly seeks to improve our offerings.”
Key efforts to protect escrow services at AIC include:
Vetting all aircraft transaction parties and representatives seeking title services, including escrow, through a third party provider of software and services for restricted party screening that consolidates more than 100 denied parties lists worldwide, including but not limited to OFAC, into one central database that is monitored and updated daily.
Automatically sending the name of any individual or company involved in an aircraft transaction and entered into AIC’s internal software programs to be screened by the restricted party screening service. If the screening service reports a possible denied party, our software locks our employees ability to proceed any further with the aircraft transaction pending additional KYC efforts to confirm or refute the report.
Maintaining a separate escrow account for aircraft transactions. Funds are never comingled with the company’s operating or other accounts.
Insuring escrow activities by a $40million dollar Crime Insurance policy, protecting our customers from loss of money resulting from employee dishonesty, embezzlement, forgery, robbery, burglary, computer fraud, wire transfer fraud, counterfeiting, and other criminal acts.
Offering our customers the aviation industry’s first virtual aircraft transaction closing room, the Aircraft Closing Room, allowing our customers to securely store and share documents in a secure platform. Access to the Aircraft Closing Room can only be granted by AIC.
Exchanging and protecting critical wire transfer instructions for escrow funds by 2-step authentication in the Aircraft Closing Room.
Utilising Blockchain to secure records of important aircraft title documents filed with the FAA