On Wednesday, Castler, a digital escrow platform, announced a new partnership with YES Bank to provide digital escrow services to YES Bank customers. The partnership demonstrates YES Bank’s dedication to enhancing its digital leadership position and making banking more accessible to its growing consumer base. YES Bank’s Country Head of Transaction Banking Group, Ajay Rajan, expressed confidence that customers would find the new service significant in facilitating trustworthy monetary transactions.
Castler is a global digital escrow platform that provides domestic and cross-border escrow solutions for individuals and enterprises. Escrow banking is a legal agreement where a bank temporarily holds money or an equivalent transaction asset until the parties involved have fulfilled their contract terms.
Through this partnership, YES Bank and Castler are set to dominate the Enterprise Escrow Banking space and make the product easily accessible to its varied customer base. Castler has been operational since April 2021, and it currently manages over Rs 1,000 crore in transactions every month for over 150+ enterprises.
Castler’s Co-Founder and CEO, Vineet Singh, emphasized the importance of trust in digital transactions and how Castler’s digital escrow platform is building trust. Singh also expressed confidence that YES Bank’s expertise in developing digital-first strategies for SMEs, MSMEs, fintechs, and startups would help Castler serve a larger audience of customers.