Manage agreed escrow flows with RazorpayX Escrow+
RazorpayX Escrow+ brings together escrow accounts, banking partners, trusteeship services and technology for collections, disbursals and reconciliation. It is relevant when the business requirement involves an agreed escrow arrangement, rather than only dividing a customer payment among recipients.
How it differs from Route
Razorpay Route is designed for one-to-many payment flows using Linked Accounts. Use Route for split transfers and recipient settlements. For a contractual escrow arrangement with agreed release conditions, discuss Escrow+ with the relevant providers.
For Escrow+, the permitted use case, account arrangement, participating parties, release conditions and operational responsibilities must be agreed with the relevant providers. The current product page describes a use-case validation process involving banking partners.
What to confirm before implementation
- The purpose of the account and the parties whose funds it will handle.
- The permitted business activity and required approvals.
- Who authorises releases and what conditions apply.
- The collection, disbursal and reconciliation process.
- The fees, documentation and responsibilities under the agreement.
Include tax treatment and compliance responsibilities in the account design, with guidance from the relevant professional advisers and contractual parties.
Choose the appropriate payment flow
Use the Route documentation to assess split transfers and recipient settlements. Use the Escrow+ product page to discuss a separate escrow arrangement. Confirm the intended use case against current product terms during onboarding.
Historical partnership statement
The following statement appeared in the original article dated 2023-05-09. It is retained as historical context.
Talking about Axis Trustee’s partnership with RazorpayX for the Escrow solution, Deepa Rath, Managing Director & CEO at Axis Trustee Services Ltd. said, “The future of Banking lies in digital-first solutions, and we are thrilled to announce our partnership with RazorpayX. Together, we are not only committed to ensuring compliance for our customers but also offering a seamless end-to-end money transfer automation directly from Escrow accounts. Together with RazorpayX’s cutting-edge technology and Axis Trustee’s domain expertise, customers can now expect a superior experience that sets a new standard in the Banking & Trustee industry.”
