Yes, of course. All an escrow arrangement does is insert a trusted third party into a payment transaction. This can be either in a corporate (between two companies) or a personal (between an individual and a company, or between two individuals) context.
Escrow is frequently encountered in personal transactions whereby an individual is selling a significant asset (a business, property, aircraft, yacht, or even a domain name) and the purchaser wants to ensure that certain conditions are met before the funds are released to that individual.
Private escrow accounts provide security, trust and transparency to ongoing or ad-hoc payment requirements.
Third-Party Managed Accounts (TPMA's) are a convenient way to manage complex, high-value or even routine payment operations.