StanChart signs MOU with Tazapay to enable digital escrow services in Proxtera

The bank will facilitate the opening of bank accounts in Tazapay.

Standard Chartered has signed a memorandum of understanding (MoU) with digital payments platform Tazapay to deliver deliver digital escrow services to buyers and sellers on Proxtera, a business-to-business marketplace network.

Under the MoU, Standard Chartered will facilitate the opening of bank accounts required by Tazapay to receive and hold the escrow funds in both the buyers’ market and the escrow location. 

The bank will then enable the flow of funds to the sellers once Tazapay validates the conditions for the release of funds – for example, evidence of delivery or receipt of goods from the parties.

The pilot transaction for the MoU will take place between Singapore and India after obtaining appropriate regulatory clearances, with more corridors to be added in due course.

Standard Chartered is Tazapay’s first banking partner following the payment platform’s partnership with Proxtera in February.