Starting from April 1, 2026, Uzbekistan introduced a new procedure for settlements under sale and purchase agreements for real estate and motor vehicles, based on the mechanism of escrow accounts and electronic interaction between notaries and banks. The new system is aimed at increasing the transparency of settlements, providing additional protection for the interests of transaction participants, and further digitalizing financial services.
UZCARD cardholders can now complete the entire process of working with an escrow account remotely through Xalq banki’s “xazna” mobile application — from opening the account to finalizing settlements between the parties to the transaction.
An escrow account is a special bank account where the buyer’s funds are temporarily placed until the transaction is completed. This mechanism provides additional protection for the interests of both parties: the buyer gains confidence that the funds will remain secure until the completion of document formalization, while the seller receives a guarantee of payment once the transaction conditions have been fulfilled.
The service mechanism is designed to be as transparent as possible. The seller creates an application in the mobile app and specifies the transaction parameters. The buyer then receives a notification, confirms participation, and transfers the funds to the escrow account. Until the transaction is completed, the funds are not transferred to the seller and remain under the bank’s control. This approach helps prevent situations where one party is left without money or without properly formalized property, while making settlements safer and more transparent.
An important feature of the new procedure is the distribution of functions among the participants in the process. The bank ensures the safekeeping of funds and the execution of settlements, while the legal validity of the transaction is confirmed by the notary in accordance with the procedure established by law.
At the initial stage, the service is available to UZCARD cardholders. The escrow account is funded using a UZCARD card. After the transaction is completed, the funds are credited to the seller’s account, with the possibility of subsequently transferring them to a bank card.
Key advantages of the new service include the ability to formalize the transaction remotely, reduced paper-based document flow, time savings, transparency at all stages of settlements, and additional protection of funds throughout the entire process.
The launch of a fully remote escrow service in the “xazna” mobile application has become another step by Xalq banki in the development of modern digital financial services. The new service makes the process of conducting major transactions more convenient, secure, and transparent for citizens, and also helps increase users’ trust in digital financial services. The implementation of the project in partnership with UZCARD is aimed at establishing new standards of quality and security in the country’s financial market.
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