Cross-border trade digital escrow startup Tazapay is introducing escrow-as-a-service (EaaS) in partnership with eight global business-to-business (B2B) marketplaces, with plans to have more than 20 platforms ready in the weeks ahead.
“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,” Rahul Shinghal, CEO of Tazapay, said in a press release on Wednesday (Sept. 15).
See also: Proxtera And Tazapay Collaborate On Digital Escrow For B2B Trade
Shinghal pointed to the complex nature of cross-border B2B transactions and said that Tazapay is applying a solution that streamlines verification and payments, while creating “trust between businesses and between platforms and their users.”
Tazapay holds monies in escrow until confirming shipments and is “operationalizing trust for marketplaces by helping them provide services to their users in areas where they’ve typically been underserved,” such as payments.
Related reading: Cutting Through Global Trade Friction At SMBs’ Point Of Need
Because B2B marketplace transactions are often large and international, compliance, regulation and other requirements are usually highly specific. These platforms historically have had a tough time finding or developing tools that reduce the risk of non-shipment, ensure cross-border compliance and verify documents to prevent fraud.
With the integration of Tazapay’s full-stack payments tool, global B2B marketplaces can meet challenges. Tazapay also allows for milestone payments and enables businesses to “break up large payments for each step of the transaction.”
The B2B platforms initially going live with Tazapay are Bluerickshaw, Complete Farmer, construcshare, Engineering-edge, Maalexi, Madeinindonesia, OneAgrix, and Refrens.
“We’ve built a community of organizations coming together to propel their business operations, yet we’ve long been aware of the complexities of international trade — everything from naming the terms of a deal to verifying paperwork to making payments in multiple currencies,” said Raihan Ali, COO of OneAgrix.
“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,” Ali said.
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