Truzo Launches Africa-Focused Digital Escrow Service in UK

Africa business

Truzo has launched its Africa-focused digital escrow service in the United Kingdom.

Already established in South Africa, and approved by the Financial Conduct Authority (FCA) in the U.K., the service can now add safety and reliability to transactions between the U.K. and South Africa, Truzo said in a Thursday (March 2) press release.

“Truzo prioritizes trust at the heart of every transaction,” Truzo founder and CEO Terence Naidu said in the release. “Approved by the FCA and supported by the Department for International Trade and Currencycloud, Truzo is one of the safest and most secure ways to buy and sell between businesses whether they be in Africa or the U.K.”

All the steps in digital transactions require trust, which can be difficult to come by, as PYMNTS reported in its “Disbursements Tracker.”

In a digital commerce ecosystem, two parties that have never met before must agree to transactions or assignments, deliver and receive products, and, perhaps most importantly, ensure payments occur as quickly as possible.

Some marketplaces are now turning to digital escrow solutions to protect the interests of buyers, sellers, employers and gig workers, the report found.

Truzo’s escrow platform can be accessed via the web or an app and enables businesses to ensure timely delivery of goods and services, on-time payments, fraud prevention and scam protection, according to the press release.

It also helps them reduce the time spent on administration and removes the fees spent on letters of credit and currency conversion, the release said.

Together with the digital escrow service, the platform offers multi-currency digital wallets, remittance, payments and receipts, per the release.

“With global events driving high levels of inflation and slowing growth, businesses of all sizes are acutely aware that even fractional savings can make a huge impact not only on their profits and competitive advantage but benefit their customers’ pockets too,” Naidu said in the release. “By keeping the cost of cross-border transactions low, Truzo makes it possible to pass on these savings to reduce the rate of inflation on imported products, ensuring businesses stay on the side of consumers and end-users.”

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