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 handle transactions involving different currencies?

A cross-border escrow service, such as Castler’s Digital Identifier system, handles transactions involving different currencies by converting the funds into the desired currency at the current exchange rate. This ensures that both parties involved in the transaction receive the correct amount of funds in their preferred currency.

The Digital Identifier system acts as a neutral third party, holding the funds until the transaction is completed and both parties are satisfied with the outcome. This provides a secure and reliable way to conduct cross-border transactions, as the funds are only released once all conditions of the transaction have been met.

Castler’s Digital Identifier system also offers transparency and accountability throughout the transaction process, providing real-time updates and notifications to both parties. This helps to build trust and confidence in the transaction, especially when dealing with unfamiliar currencies and international transactions.

Overall, a cross-border escrow service such as Castler’s Digital Identifier system provides a safe and efficient way to handle transactions involving different currencies, ensuring that both parties receive the correct amount of funds in their preferred currency.