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 security of funds during a transaction?

A cross-border escrow service, such as Castler’s Digital Identifier system, ensures the security of funds during a transaction by acting as a neutral third party that holds the funds until the transaction is completed. This means that the buyer sends the funds to the escrow service, which then holds the funds until the seller has delivered the goods or services as agreed upon. Once the buyer confirms that they have received the goods or services and are satisfied with them, the funds are released to the seller.

This process ensures that both parties are protected from fraud or non-payment. The escrow service verifies the identity of both parties and ensures that the funds are legitimate before holding them. Additionally, the escrow service uses secure technology to protect the funds from hacking or theft.

Overall, a cross-border escrow service provides a secure and reliable way for buyers and sellers to transact with each other, especially when dealing with international transactions where there may be language barriers or different legal systems.