IDFC FIRST Bank

IDFC FIRST Bank acts as an escrow agent for conditional settlements between two or more business parties in India.

Services

• Escrow agent
• Payment and collection API
• Digitally signed escrow agreements

How it is set up

The bank provides vetted templates and digital signing of the agreement, a specialised operations team and APIs for payments and receipts where the particular deal allows. Templates reduce the time spent negotiating the legal wording, and the API lets a platform trigger collection and release as part of its own flow rather than through manual instructions.

Requirements

An escrow agreement is required, along with an account and bank compliance checks. Money is the asset listed.

Market and provider

The provider is a bank operating in India, so funds sit in a regulated depository institution. The product suits Indian companies and marketplaces that need to hold payments until delivery or another milestone.

Terms to confirm

Fees, minimum amounts, settlement times and whether API access is available for a given transaction are not specified and should be agreed with the bank.