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

How does a cross-border escrow service ensure the accuracy of product descriptions and specifications in a transaction?

A cross-border escrow service like Castler’s Digital Identifier system ensures the accuracy of product descriptions and specifications in a transaction by implementing a thorough verification process. This process involves verifying the identity of both the buyer and seller, as well as the authenticity of the product being sold. The seller is required to provide detailed information about the product, including specifications, condition, and any relevant documentation. This information is then reviewed and verified by the escrow service to ensure that it matches the product being sold.

In addition, the escrow service may also conduct independent inspections or audits of the product to verify its condition and specifications. This helps to prevent any misrepresentation or fraud in the transaction. The escrow service also holds the funds in a secure account until the transaction is completed, providing an added layer of protection for both the buyer and seller. Overall, a cross-border escrow service plays a crucial role in ensuring the accuracy of product descriptions and specifications in a transaction, helping to build trust and confidence between buyers and sellers.