Escrowed BitCheck acts as an independent third party withholding payment until all parties fulfill their obligations.
➤ What is escrow?
Escrow is a custody service that offers custody of an asset for a specific period of time. An escrow is an arrangement in which a third party temporarily holds money or property until particular terms and conditions which both sides agreed upon are fulfilled.
➤ What is BitCheck?
BitCheck is a key feature on the XREX Pay platform, offering the most secure online payment solution for escrowing fiat currencies and cryptocurrencies in global transactions. BitCheck escrows both fiat and crypto. On XREX Pay, we currently support USD and USDT, with more currencies to be added in the future.
➤ How Bitcheck is used in B2B scenario?
In the evolving landscape of cross-border transactions, merchants and corporates are increasingly adopting stablecoins like USDT for business payments, with BitCheck serving as an essential tool for secure transactions.
For example, when a buyer sends payment via BitCheck to a seller, the funds are initially held in escrow. This process provides a layer of protection for both parties, ensuring that payment is only released once all conditions of the transaction are met. Once the goods are shipped and inspected, the seller can request the release of the BitCheck, after which the buyer approves the release of funds. All these steps are seamlessly managed through the XREX Pay platform. Additionally, we also provide fiat BitChecks, offering flexibility and choice for businesses in their payment processes.
➤ What problems does escrowed BitCheck solve?
BitCheck addresses two major issues — funds security and trust. Only users who have passed identity verification can access BitCheck on XREX Pay. XREX collaborates with global compliance partners, including Sum&Substance (Sumsub) and TRM Labs, to build robust Know Your Customer (KYC) mechanisms and risk management systems.
At XREX Pay, our mission is to provide the most secure environment for digital transactions. BitCheck combines the safety of escrow with the flexibility of digital payments, helping eliminate counterparty risk and build trust between parties. To learn more about XREX Pay, please visit our official website.