This catch is a Wrists Catch, with the difference that the catcher holds their arms crossed in front of their face. The flyer grabs the crossed arms and turns as they swing down with the catcher. This leaves the flyer facing the platform as they swing back for the return, and allows them to do positions in the catcher's arms (like a Bird's Nest). The most common trick to use this catch is the Bird's Nest Return.
You can find out more about this trick in my books: