CEO of TradeSafe, Jethro O’Brien explains that the partnership with Standard Bank comes at a pivotal moment as the rates of scams, fraud, and more are continuously increasing in the country.
“Both TradeSafe and Standard Bank realised the necessity for a fast, secure, and affordable escrow solution in the wake of the increasing volume of scams, fraud, and unpaid invoice payments in South African commerce. Our fees come in at a fifth of what a reputable law firm or bank would charge in a transaction.”
As part of the investment, Standard Bank has appointed two non-executive directors to the TradeSafe board. Standard Bank also has management oversight of TradeSafe’s escrow account and is fully involved in the process for payment instructions that TradeSafe initiates.
With Standard Bank putting their money where their mouth is, they have introduced a second release payment function allowing TradeSafe to target commodity and M&A transactions which are greater than R25-million.
