Leading Payment Company Cashfree has launched its Banking-as-a-service offering ‘Accounts’ to help neobanks and fintech platforms quickly integrate banking services into their product.
Accounts allow businesses to offer features such as opening, linking, depositing, checking balance and earning interest to their customers, partners and suppliers. Based on RBI’s recent guidelines on digital KYC, Accounts by Cashfree enables instant 100% paperless bank account creation.
Cashfree currently supports the creation and management of current accounts and plans to add support for savings accounts, virtual accounts and other payment instruments soon. The product is currently piloting fintech startups and will also enable other technology platforms to generate and customize payment instruments using Cashfree’s APIs.
The integration of Cashfree between banks eliminates the need for fintech to invest in bank integrations, lengthy compliances and other operational processes, leading to a much faster launch and scale-up.
CEO and co-founder, Cashfree, Akash Sinha said: “India is witnessing a dramatic increase in the number of digital-first startups and enterprises. As the ecosystem evolves rapidly to adapt to the change, startups and tech-first companies often struggle with access to banking services.
“Cashfree aims to build a suite of fintech APIs to help businesses and individuals. Our first product under it, ‘Accounts’, will not only enable businesses to open bank accounts for their customers to collect payments and make withdrawals with ease. , but also their customers under the fold of digital payments.”
The announcement came close on the heels of last week’s launch of the Account Aggregator ecosystem, marking a major milestone in open banking innovation in India.
With over 50% market share among payment processors, Cashfree is at the forefront of bulk payouts in India today with Cashfree payouts. Recently, India’s largest lender, SBI, invested in Cashfree, underscoring the company’s role in building a robust payments ecosystem.
To further deliver on this promise, Cashfree addresses the challenges faced by both young and established companies. Through its partnerships with brands such as Zomato, Cred, Nykaa, Delhivery, Acko and Shell, Cashfree has launched several personalized products and solutions for specific business use cases to enhance end-user experiences.
Cashfree works closely with all the leading banks to build the core payment 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.