Fidelity National Plans Internet Escrow Service
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Fidelity National Financial Inc. is hoping to parlay its traditional real estate escrow experience into a new Internet venture that will provide escrow services to buyers and sellers on the Internet.
Fidelity, the Santa Ana title insurer, said its majority-owned subsidiary, Micro General Corp., will spin off the new e-commerce business by the end of the year. The new company, to be called Escrow.com, will operate as a separate entity.
Mark Attaway, president of Escrow.com, said the company hopes to provide escrow services for online auctions, classified-ad sales and other Internet transactions. By using an escrow service, buyers and sellers on the Internet can better protect themselves against fraud, he said.
“Escrow is a critical service that is primarily absent on the Internet today,” said John Snedegar, chief executive at Micro General.
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