Saturday, May 18, 2024
Outlook India
Outlook Business

RazorpayX Introduces Automated ESCROW+ Solution To Enable Instant And Secure Money Transfers for Businesses

RazorpayX ESCROW+ promises higher success rates and seamless payouts for businesses

RazorpayX Introduces Automated ESCROW+ Solution To Enable Instant And Secure Money Transfers for Businesses

Outlook Start-Up Desk

POSTED ON May 10, 2023 9:04 AM

RazorpayX, the business banking platform of Razorpay, has launched of ESCROW+ solution, powered by Axis Trustee Services Ltd, RBL Bank & ICICI Bank.

The company has claimed in a statement that in certain industries, receiving funds in a current account is not an ideal solution for businesses as 100 per cent of the money in the account doesn't belong to them. These businesses either receive funds on behalf of others or operate under a partnership model in which funds from another business entity are in their current account to manage operations. This complicated money flow can lead to a foreseen compliance issue causing hefty penalties for businesses. 

The newly-launched solution aims to address and resolve such issues. It has claimed to provide an Escrow-trustee, who is vetted and on-boarded by RazorpayX. It also eyes to provide an Escrow account to route funds that the merchants receive on behalf of end beneficiaries. The automated process also assures higher success rates and seamless payouts, which will enhance the overall payout performance. 

Commenting on the solution, Ayush Bansal, Vice President and General Manager, of RazorpayX and Razorpay Capital said, “As we move into the next chapter of India’s fintech journey, it is important to bring together businesses from across different sectors into the ambit of the country’s digital growth. With verticals such as Gaming, Co-lending, P2P lending, and Marketplace & eCommerce facing hurdles in terms of compliance and payments, we wanted to extend a solution that will address their pain points while focusing on what we have always done – making money movement simpler, compliant, and worry-free. 

“Our solution is ideal for businesses in certain industries because it provides a secure, automated, and transparent way to manage the flow of funds & streamline compliance. In line with this, we are excited to launch RazorpayX ESCROW+ which is tailored to assist innovative, digital-first businesses in avoiding any last-minute chaos and threat to their business continuity, thereby, empowering their growth,” he added. 

Talking about Axis Trustee’s partnership with RazorpayX for the Escrow solution, Deepa Rath, Managing Director and CEO at Axis Trustee Services Ltd. said, "The future of Banking lies in digital-first solutions, and we are thrilled to announce our partnership with RazorpayX. Together, we are not only committed to ensuring compliance for our customers but also offering a seamless end-to-end money transfer automation directly from Escrow accounts. Together with RazorpayX's cutting-edge technology and Axis Trustee’s domain expertise, customers can now expect a superior experience that sets a new standard in the Banking & Trustee industry."

  • Related Articles

    This partnership aims to simplify the deployment and management of app chains on polygon supernets

    Zeeve Partners With Polygon Labs To Provide Infrastructure For Polygon Supernet

    The device has claimed to support multiple languages to support financial inclusivity, including Hindi, Telugu, Kannada, Tamil, Malayalam, Marathi, Bengali, Odia, Gujarati, and Punjabi, in addition...

    ToneTag’s Collaborates With Financial Institutions To Accept All UPI Payments On RetailPod 2.0

    The project, bagged through a bidding process, will be commissioned within 18 months, the Avaada Group company said

    Avaada Energy Bags 280 MW Solar Project In Rajasthan