TradeSafe Escrow is an independent licensed and insured escrow and paymaster services provider. The company safeguards the buyer’s funds in trust and only releases the funds to the seller once the seller delivers what was contracted and the buyer is happy with the goods received.
TradeSafe partnered with iWantFuel.co.za to provide peace of mind to parties transacting in South Africa’s Oil & Gas industry.
If the buyer does not have the funds, the transaction does not start. If the seller does not deliver, the buyer is refunded in full. TradeSafe only releases the funds to the seller upon the buyer’s acceptance of the Delivery Note (DN) or Bill of
TradeSafe ensures every transaction is safe, secure and successful!
No TradeSafe escrow fees are charged to the client or the supplier as the escrow fees are borne by iWantFuel.
Standard Bank has management oversight of the escrow account and are involved in the approval process for payment instructions as initiated by TradeSafe.
The funds held in escrow are insured by ITOO, a division of Hollard. TradeSafe Escrow holds Crime and Civil Liability cover, including fidelity and professional indemnity protection, as underwritten by ITOO
visit www.tradesafe.co.za or call 010 020 3101
A message from TradeSafe’s CEO
TradeSafe has long been aware of the systemic risks that exists in the local diesel sector. From masquerading and non-performing suppliers to empty promises from buyers’ regarding proof of funds or non-payment, TradeSafe joined forces with iWantFuel to provide a safe and secure automated fuel procurement solution.
We invested heavily in upgrading our technology to securely communicate with iWantFuel’s technological infrastructure using state-of-the-art encryption channels. This means that when using iWantFuel, a user will never have to redirect to www.tradesafe.co.za to create a transaction, accept a trade or make payment. Everything is now done on iWantFuel’s platform via the backend online. Transacting in diesel has never been easier, or safer!
TradeSafe is proud to be have partnered with iWantFuel and we look forward to revolutionising the South African fuel industry together.
TradeSafe Is Proud to Announce That It Has Teamed Up With the Standard Bank of South Africa Ltd.
We have spent the past few months merging our escrow payment function with Standard Bank’s payment operations team.
After a successful pilot run, we are proud to announce that Standard Bank now has management oversight of our escrow account and are fully involved in the process for payment instructions that we initiate. They will accordingly provide a 2nd release payment function.
What does this mean?
It means that your funds are doubly secure, whether you’re a buyer or seller, and when its necessary for payment to be made, Standard Bank will perform its own internal governance checks and act as a 2nd release operator on all payment instructions that is initiated from the TradeSafe escrow platform. This will provide an additional level of comfort and security that the funds are going to be paid - properly and on time.
We are also incorporating host-to-host integration with the bank’s backbone which will allow for automated payments which we hope to have ready by end of February 2020. This means incoming payments will be automatically cleared no more than 15 minutes once the funds reach the escrow account. Outgoing payments too will be automated – with the necessary checks and balances, of course.
Adjustment to payment runs
We will continue two payment runs until the fully automated process has been implemented.
The morning run has moved from 09h00 to 10h00. This means all release instructions must be placed on the TradeSafe system by no later than 09h00 that morning. If the release instruction is placed later than 09h00, then payment will take place during the afternoon’s payment run.
The afternoon run will take place normally at 15h00 with all release instructions required to be placed on the system by 14h00.
We look forward to an exciting journey with Standard Bank as we look to bring you even more safe, secure, and successful transactions.