Castler, a digital escrow platform has tied-up with YES Bank to offer digital escrow services to the bank's customers.
Ajay Rajan, Country Head, (Transaction Banking Group), YES Bank said prevalent business requirements and related digitisation needs have accentuated the demand for digital escrow services and the bank's customers will find this newly launched Castler’s digital escrow services that can provide timely and trustworthy monetary transactions.
Castler is a global digital escrow platform for individuals and enterprises, offering domestic and cross-border escrow solutions.
Escrow banking
It offers a unique Escrow Management TSP solution for enterprises and banks. Escrow banking entails a legal arrangement in which the bank temporarily holds money or equivalent transaction asset unless one or both parties have delivered on the contract terms they enter into.
Rajan added escrow banking is generally quite complex and Castler with its unique digital offering has demonstrated that technology and innovation can provide solutions to even the most complex requirements.
Operational since April 2021, Castler is the trusted escrow solution for over 150 enterprises and manages over ₹1,000 crore in transactions every month.
Vineet Singh, Co-Founder and CEO, Castler said trust is the most important component as businesses and transactions become completely digital.
The partnership with YES Bank will further expand the trust ecosystem that the company has been building over the last 15 months.
YES Bank's dominance in developing digital-first strategies for SMEs, MSMEs, fintechs and startups will help Castler serve a larger audience of customers, he said.