Castler closes Pre-Series A funding of $6 Million led by Flipkart, Capital 2B, IIFL Fintech Fund, Venture Catalysts & Zerodha

How can a cross-border escrow service help reduce transaction costs for businesses?

A cross-border escrow service like Castler’s Digital Identifier system can help reduce transaction costs for businesses by providing a secure and efficient way to handle payments and transactions between parties in different countries. With traditional payment methods, businesses may face high fees for international wire transfers, currency exchange, and other transaction-related expenses. Additionally, there may be risks associated with fraud, chargebacks, and other disputes that can result in costly legal fees and lost revenue.

By using a Digital Identifier system, businesses can mitigate these risks and reduce transaction costs by having a trusted third-party hold funds until the transaction is completed. This can help ensure that both parties fulfill their obligations and that the payment is released only when the agreed-upon terms have been met. Additionally, Digital Identifier systems can provide transparency and real-time tracking of transactions, which can help reduce the risk of fraud and disputes. Overall, a cross-border escrow service can help businesses save time and money while also providing a secure and reliable way to conduct international transactions.