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

How can cross-border escrow services help simplify the payment process for businesses with multiple suppliers?

Cross-border escrow services can simplify the payment process for businesses with multiple suppliers by providing a secure and efficient way to manage transactions. Castler Digital Identifier system, for example, acts as a neutral third party that holds funds until both parties have fulfilled their obligations. This means that businesses can make payments to their suppliers without worrying about fraud or non-delivery of goods or services.

With Castler, businesses can set up multiple escrow accounts for different suppliers, which can be accessed from anywhere in the world. This eliminates the need for businesses to open multiple bank accounts in different countries, which can be time-consuming and costly.

Furthermore, Castler’s Digital Identifier system provides transparency and accountability throughout the payment process. Both parties can track the progress of the transaction and ensure that all terms and conditions are met before the funds are released. This helps to build trust between businesses and their suppliers, which can lead to long-term partnerships and increased efficiency.

Overall, cross-border escrow services like Castler can help businesses simplify their payment process, reduce risk, and improve their relationships with suppliers.