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 types of customs requirements?

A cross-border escrow service, such as Castler’s Digital Identifier system, handles transactions involving different types of customs requirements by ensuring that all necessary documentation and compliance measures are met before releasing funds to the seller. This includes verifying the authenticity of the goods being sold, ensuring that they meet the necessary regulatory standards, and confirming that all taxes and duties have been paid.

The escrow service acts as a neutral third party, holding the funds until all conditions of the transaction have been met. This provides a level of security for both the buyer and seller, as the funds are only released once all requirements have been fulfilled.

In addition, the escrow service may work with customs officials to ensure that all necessary paperwork and procedures are followed, such as obtaining import/export licenses and completing customs declarations. This helps to minimize the risk of delays or complications at the border, which could result in additional costs or even the cancellation of the transaction.

Overall, a cross-border escrow service plays a crucial role in facilitating international trade by providing a secure and reliable platform for transactions involving different types of customs requirements.