Finova & Escode Team Up for Escrow as a Service, Boosting Lender Resilience
Finova, the UK's leading cloud-based mortgage and savings software provider, has partnered with Escode to offer Escrow as a Service (EaaS) to its clients. This collaboration aims to enhance operational resilience, aligning with PRA SS2/21 guidelines and Microsoft FS Addendum framework.
The combined EaaS service provides secure storage, independent verification of source code and credentials, and a streamlined process for regulatory audits. Lenders can choose between two flexible options: Escrow Essentials or Escrow Premium, tailored to their business size and resilience needs.
Escrow Essentials offers full EaaS access, architecture verification, annual code deposit, and verification of hosting access credentials. Meanwhile, Escrow Premium includes all Essentials features, plus source code and entry level verification, and regular deposit updates with each Finova product release.
Richard Marsh, Chief Customer Officer at Finova, emphasized the importance of operational resilience for lenders. He believes EaaS helps ensure business-critical applications are safe and secure. Jayesh Patel, Managing Director at Escode, noted that the partnership equips lenders with tools to build resilience and protect operations from evolving digital threats. The partnership has seen immediate uptake at launch.
Finova and Escode's partnership offers lenders a robust solution for operational resilience. With Escrow as a Service, lenders can securely access, restore, or rebuild their critical business platforms in case of disruption, aligning with regulatory obligations. The partnership aims to strengthen operational resilience and implement robust safeguards for critical systems and data.
