Castler partners Yes Bank for digital escrow services

Bombay HC refuses interim relief to Yes Bank in a case against Asit Koticha, ASK Group

Global escrow banking solution provider Castler has partnered Yes Bank to offer digital escrow services for the bank’s customers.

The company said the tie-up will further strengthen its digital leadership position and is part of an effort to make banking more inclusive and accessible to its growing consumer base.

“Prevalent business requirements and related digitization needs have accentuated the demand for digital escrow services, and we are certain that our customers will find this newly launched service using Castler’s digital escrow services platform of great significance in ensuring timely and trustworthy monetary transactions,” Ajay Rajan, Country Head, Transaction Banking GroupYes Bank said.

Operational since April 2021, Castler is the escrow solution for over 150 enterprises and manages over Rs1000 crore in transactions every month. In June, Castler raised $1 million from Zerodha’s venture capital arm Rainmatter, with participation from Venture Catalysts, 9Unicorns, Faad Network and LetsVenture.
The bank said escrow banking is generally quite complex and Castler with its digital offering has demonstrated that technology and innovation can provide solutions to even the most complex requirements.

“Trust is the most important component as businesses and transactions become completely digital. Castler is building the epitome of trust through its digital escrow platform. Yes Bank’s dominance in developing digital-first strategies for SMEs, MSMEs, fintechs and startups will help Castler serve a larger audience of customers,” Vineet Singh, co-founder & CEO, Castler said.

In July 2021, the startup launched the country’s first white-label digital escrow solution – Castler SmartEscro – to make financial transactions safe and secure.

Source: Economic Times

Leave a Reply

Your email address will not be published.

Back To Top
%d bloggers like this: