IndusInd Bank Partners With Trustmore To Expand Digital Escrow Services Across India

IndusInd Bank on Wednesday partnered with digital escrow platform Trustmore, also known as Escrowpay, to deliver digital escrow services across India. Under this alliance, Trustmore customers will gain access to IndusInd Bank's extensive banking products and services.

IndusInd Bank highlighted its commitment to secure digital banking through this collaboration. "We at IndusInd Bank are focused on empowering our customers with secure and seamless digital banking solutions. Through this collaboration, we aim to set new standards in digital escrow services, offering businesses and individuals a seamless and reliable platform for managing their transactions with confidence," said Arun Khurana, Executive Director and Deputy CEO, IndusInd Bank.

As the first Indian firm to secure authorisation from the International Financial Services Centres Authority (IFSCA), Trustmore sees this partnership as a pivotal growth opportunity. Known for its cutting-edge technology, Trustmore has already onboarded over 150,000 businesses and aims to broaden its presence in the financial sector through this alliance.

Sudhir Mishra, Managing Partner of Trust Legal, which advises Trustmore on a day-to-day basis, views this as a game-changer for fintech. "This is a very strategic tie-up for the fintech sector, where a leading commercial bank formalises an alliance with a fintech company. This partnership will drive substantial growth for our country’s economy," he said.

This collaboration positions both entities to enhance the digital economy's infrastructure and provide on-demand escrow solutions to a diverse clientele across India.