Money & Banking

Cashfree launches Banking-as-a-service offering ‘Accounts’

Our Bureau Mumbai | Updated on September 06, 2021

Accounts will allow businesses to offer features such as account opening, linking, deposits and interest earning

Bengaluru-based Cashfree, a digital payments and banking technology company on Monday launched its Banking-as-a-service offering ‘Accounts’ to help neo-banks and fintech platforms integrate banking services into their product.

Accounts will allow businesses to offer features such as account opening, linking, deposits, check balance and interest earning to their customers, partners and vendors, the company said in an official release. It will help enable 100 per cent paperless bank account creation.

Also read: Cashfree raises funds from SBI

Currently supporting the creation and management of current accounts, Cashfree intends to add support for savings accounts, virtual accounts and other payments instruments soon.

“The product is currently running pilots with fintech start-ups, and will also enable other technology platforms to generate and customize payment instruments using Cashfree APIs,” it said.

Akash Sinha, CEO and Co-Founder, Cashfree said, “India is witnessing a dramatic rise in the number of digital-first start-ups and enterprises. While the ecosystem is evolving rapidly to adapt to the change, start-ups 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,” said Sinha.

The announcement comes close on the heels to the launch of the Account Aggregator ecosystem last week.

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, it said.

Published on September 06, 2021

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