Tazapay announces ‘escrow-as-a-service’ offer


Lucy Ingham
Lucy Ingham
Head of Content
Lucy is Head of Content overseeing all content and taking deep dives into the trends and data driving changes in payments. Previously, Lucy worked as a technology journalist and editor,… Read more
  • Tazapay, which is an international trading digital escrow startup, has said that it will work alongside eight international B2B marketplaces as part of a new ‘escrow-as-a-service’ offer.
  • The service works by holding on to money from a buyer until a shipment has been confirmed.
  • “Our new marketplace partners serve a critical role as the first stop for SMEs looking to purchase either large quantities of certain items or highly specialized goods,” said the chief executive officer of Tazapay in a statement.

Tazapay, a digital escrow startup that offers international money transfers for trading organisations, has confirmed that it will launch a new ‘escrow-as-a-service’ (EaaS) offer.

The firm said that it will make this offer in conjunction with eight business-to-business (B2B) marketplaces from around the world.

It then plans to work with over 20 platforms in the long run.

Tazapay works by holding on to the money provided by a buyer until it is satisfied that the seller has shipped the goods.

A variety of platform-based organisations have already committed to using the new service with Tazapay.

These include Bluerickshaw, which is a B2B export platform in India that brings together artisan designers and manufacturers with purchasers.

Madeinindonesia, an e-commerce platform designed to help companies source items as part of a digital export process, has also signed up to use the service.

Rahul Shinghal, Tazapay’s chief executive officer, said that the company was aware of the demand for assistance when looking for products.

“Our new marketplace partners serve a critical role as the first stop for SMEs looking to purchase either large quantities of certain items or highly specialized goods, and we know how much they value the ability to find these products and begin discussions with trading partners,” he said.

He went on to say that the international dynamic could often add complications.

“Completing large B2B transactions can become complex across borders, and we’re pleased to integrate a solution into these platforms that not only makes verification and payment easier, but that also automatically builds trust between businesses and between platforms and their users.”

He pointed out that these were complications that Tazapay could solve.

“We’re glad to help remove these pain points so that our partners can maintain their focus on serving and growing their customer base,” he concluded.

A spokesperson for OneAgrix, an additional partner platform, also praised Tazapay.

“Tazapay is the ideal solution to help our users streamline this last piece of the trading puzzle and the simple integration means that they can easily stay in the platform environment they’re familiar with to perform any necessary background checks and easily make and receive payments,” said Raihan Ali, its chief operating officer.

Tazapay is just one of a huge variety of cross-border payments outlets working in the sector – if you would like to know more about these institutions, visit our reviews section and read up on what’s going on.

Most Read

Use Our Currency Comparison Tool

Results are ranked in order of the best overall deal, taking into account transfer times, rates, fees, and customer service.

Editor's Choice

FXcompared.com is an fx money comparison site for international money transfer and to compare rates from currency brokers for sending money abroad. The website and the information provided is for informational purposes only and does not constitute an offer, solicitation or advice on any financial service or transaction. None of the information presented is intended to form the basis for any investment decision, and no specific recommendations are intended.  FXC Group Ltd and FX Compared Ltd does not provide any guarantees of any data from third parties listed on this website. FX compared Ltd expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from (i) any error, omission or inaccuracy in any such information or (ii) any action resulting therefrom.