Standard Bank has launched a digitised escrow service designed to protect individuals from risks associated with buying or selling goods or services from unknown individuals.
Posted in Newson Fri, Dec 20 2019
TradeSafe Is Proud to Announce That It Has Teamed Up With the Standard Bank of South Africa Ltd. This is a fundamental milestone for the company as the funds held in escrow are even more secure which will inevitably aid in TradeSafe's mission to fully disrupt the credit and guarantee markets.
South Africa's Diesel & Petroleum sector is marred with numerous nefarious tricks and shenanigans which TradeSafe has seen over the past two years. Suppliers claim to be owner of the product when in fact they are not, a single transaction would sometimes have up to eight or nine sellers/resellers and one transaction would comprise up to 5 mini transactions so that the buyer's funds are ceded up the daisy chain to the actual supplier of fuel. TradeSafe significantly overhauled its systems and processes to provide a single comprehensive solution to ensure that the transaction terms are agreed by everybody, that all parties are vetted, that there is complete transparency (with respect to performance) and that everybody is on the same page. Read More to find how TradeSafe provides payment security to the fuel industry.
As online fraud in South Africa escalates, buying and selling goods using online platforms places both buyers and sellers at risk. After Jethro O’Brien, CEO and co-founder of TradeSafe.co.za, was duped while trying to buy car parts that had been advertised online, his idea for TradeSafe was born.
Our client XAfricaMart.com, an online B2B marketplace was launched yesterday in Johannesburg. XAfricaMart will peruse TradeSafe's API in order to provide secure escrow and payment services to its customer base.