African-focused digital escrow service Truzo launches in UK

By Gloria Methri

Truzo, the first African-focused FCA-approved digital escrow service has officially launched in the UK. The payment start-up now makes transactions between the UK and South Africa safer and more reliable, providing both buyers and sellers greater security.

Truzo’s web and app-based escrow platform helps businesses of all sizes assure timely delivery of goods and on-time payments, prevention of fraud, scam protection, and reduction in administration. Primarily focusing on digital escrow, Truzo will now also offer auxiliary features including multi-currency digital wallets, remittances as well as payments and receipts.

The company further reduces the cost of trade between the UK and South Africa by digitising and removing the fees associated with letters of credit and currency conversions.

Truzo provides a safe way to buy and sell between strangers with all registered users fully compliant vetted and verified. Once compliance is verified, users set up a Truzo wallet to make and receive payments via the platform. Alternatively, payments can also be made via credit card, debit card, or instant and manual electronic fund transfers.

“With global events driving high levels of inflation and slowing growth, businesses of all sizes are acutely aware that even fractional savings can make a huge impact not only on their profits and competitive advantage but benefit their customers’ pockets too,” said Terence Naidu, Founder & CEO, Truzo. “By keeping the cost of cross-border transactions low, Truzo makes it possible to pass on these savings to reduce the rate of inflation on imported products, ensuring businesses stay on the side of consumers and end-users.”

Currencycloud simplifies cross-border and multicurrency transactions, enabling Truzo and its customers to collect, convert, pay, and manage multiple currencies simultaneously.