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Business EconomyPosted at: Sep 6 2021 4:13PM


Cashfree launches Accounts to help fintechs build banking services; aims to become one-stop shop for Fintech APIs

BENGALURU, India, Sept. 6, 2021 /PRNewswire/ -- Leading payments company Cashfree today launched its Banking-as-a-service offering 'Accounts' to help neo-banks and fintech platforms quickly integrate banking services into their product. Accounts will allow businesses to offer features like account opening, linking, deposits, check balance and interest earning to their customers, partners and vendors. Riding on the recent guidelines by RBI on digital KYC, Accounts by Cashfree will enable 100% paperless bank account creation instantly.
Cashfree Logo
Currently supporting the creation and management of current accounts, Cashfree intends to soon add support for savings accounts, virtual accounts and other payments instruments. The product is currently running pilots with fintech startups, and will also enable other technology platforms to generate and customize payment instruments using Cashfree's APIs. Cashfree's integration across banks will enable fintechs from having to invest in bank integrations, lengthy compliances and other operational processes leading to much faster launch and scale up.
Akash Sinha, CEO and Co-Founder, Cashfree said, "India is witnessing a dramatic rise in the number of digital-first startups and enterprises. While the ecosystem is evolving rapidly to adapt to the change, startups and tech-first businesses often struggle with access to banking services. Cashfree aims to build a bouquet of Fintech APIs to help empower businesses and individuals. Our first product under it, 'Accounts', will not only allow businesses to open banking accounts for their customers to collect payments and make payouts easily, but also bring their customers under the fold of digital payments."
The announcement comes close on the heels to the launch of the Account Aggregator ecosystem last week which is a significant milestone in open banking innovation in India.
With over 50% market share among payment processors, Cashfree today leads the way in bulk disbursals in India with Cashfree Payouts. Recently, India's largest lender, SBI invested in Cashfree underscoring the company's role in building a robust payments ecosystem. Further delivering on this commitment, Cashfree caters to the difficulties faced by young as well as established businesses. Through its partnerships with brands like Zomato, Cred, Nykaa, Delhivery, Acko and Shell, Cashfree has launched several personalized products and solutions for specific business use cases to elevate end-user experiences. Cashfree works closely with all leading banks to build the core payments and banking infrastructure that powers the company's products, and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.
About Cashfree:
Cashfree is a leading payments and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with a simple integration. Cashfree's offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree's products are used in eight other countries including USA, Canada and UAE. Cashfree is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.
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