New Delhi: Castler, an Escrow-as-a-service provider, has announced the launch of India’s first Escrow Management API Sandbox to help developers and businesses create disruptive fintech products at an affordable cost. Castler expects to acquire over 100 fintechs and marketplaces to consume these APIs over the next six months.
In a world where technology is continuously disrupting workforces, customer expectations, and their ability to deliver quickly and cost-effectively is vital. Hence, embracing APIs would enable developers to focus on providing the unique functionality of their applications instantly, thus helping businesses save cost by almost 75% and resources.
The Escrow Sandbox allows businesses and other fintech players to integrate Castler’s escrow management API into their solutions. It also helps provide a platform for fintech firms to expand their services to new markets, leverage Castler’s API suite’s credibility, and earn their end users’ trust by managing their transactions safely via the escrow management process.
The sandbox builds on Castler’s strategy of using escrow APIs to enable fintechs to customize digital payment solutions for their clients. It would help corporates and MSMEs identify best-fit escrow management APIs based on their sectors and allow them to test the APIs with their app in a secure environment.
“One of the main benefits of an API-driven strategy is a reduction in development effort and faster time to market. Fintechs can save upto 75% on cost and 90% on time,” said Vineet Singh, Founder of Castler.
He further added, “Developers understand that much of the functionality needed to build into an application already exists. They have also learned not to spend precious time and resources on reinventing the wheel but rather rely on cost-effective APIs from third-party platforms.”
The sandbox will enable clients across industries to simulate multiple used cases customized for their application and understand possible integrations and functionalities of Castler’s escrow management APIs.
Castler will grant access to escrow APIs across various usage categories through the API sandbox, including escrow account management, real-time payments, workflows, and contract execution.
Source: Economic Times