Decentro announces Digital Escrow Accounts as a Service to enable smarter and safer digital payments
Decentro, a banking API Integration platform for businesses, has announced the expansion of its product portfolio by launching Digital Escrow Accounts as a service, to ensure smarter and safer digital payments. Decentro’s digital escrow service will now facilitate companies and platforms with quick, efficient, and secure digital payments via escrow accounts.
Decentro has partnered with Yes Bank and Axis Bank to offer bank-approved Escrow Accounts, and ensure trust for the complete safety and transparency of digital transactions. To help fuel the continued growth has also tied up with a B2B grocery marketplace, to execute innovative and safer vendor payouts for them. Additionally, multiple domestic gig/freelance companies have partnered with Decentro for its new offering for clearing incentives for agents and blue-collar workers in a secure way.
Announcing the new solution, Pratik Daudkhane, Co-founder, Decentro, said, “India has embraced digital payments ardently and is gearing up for a cashless economy. At this juncture, the need for a secure digital transacting ecosystem that ensures the trust element in digital payments is a key need in the Indian business scenario. Our Digital Escrow-as-a-Service will help fintechs, platforms, and marketplaces manage safe and secure transactions to reduce frauds and discrepancies via trustee-backed escrow accounts. Our escrow accounts can be activated on the fly via an API inside Decentro’s stack saving companies 5-10 weeks time per account. We envisage more than 25-30 million transactions by FY23 through our Digital Escrow Accounts as a service. ”
Decentro’s Digital Escrow Accounts ensure smarter and safer transactions between the payer and payee. To start with, it requires digital KYC for both the payer and the payee using Decento’s well-established KYC API module. Once the money gets deposited into the escrow account for disbursal, it is maintained securely by Decentro in tandem with the trustee that oversees the transactions. Via an end-to-end API-based approach, the merchant or the partner can then release the payout to the beneficiary, seller, or agent directly using any of the bank-to-bank methods such as IMPS / NEFT / RTGS and even UPI. Since the escrow accounts are fully digital including any contract signatures being done on e-sign in parallel, it helps save around up to 10 weeks easily per account for the merchant, making it an efficient solution for digital payments.
While, Escrow-as-a-Service (EaaS) has largely remained passive in India, with digital transactions on an exponential rise, new-age businesses like B2C or B2B Rental companies, eCommerce marketplaces, D2C platforms, Gig economy, and freelancing-based platforms, are looking for secure and safer transactions with the rising demand. Decentro is looking to tap into this demand by adding Digital Escrow Accounts as a service to its tech stack.
