Payments company Cashfree today launched Banking-as-a-service solution, offering ‘Accounts’ to banks and FinTech platforms for integrating banking services into their product, the company said in a release today. ‘Accounts’ will allow these businesses to offer features like account opening, linking, deposits, check balance and interest-earning to their customers, partners and vendors.
The announcement comes soon after the launch of the Account Aggregator ecosystem last week, a significant milestone in open banking innovation in India.
According to the recent guidelines on digital KYC by the Reserve Bank of India, Accounts by Cashfree will enable the instant creation of paperless bank accounts.
The product is currently running pilots with FinTech startups, and will enable other technology platforms to generate and customize payment instruments using Cashfree’s APIs.
“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,” said Akash Sinha, chief executive officer and co-founder of Cashfree
The company currently supports the creation and management of current accounts, and aims to add support for savings accounts, virtual accounts and other payments instruments.
Source: Economic Times