Cashfree, one of India’s biggest business payments platforms, has announced that it has launched a new suite of payment products aimed at lending companies and non-banking financial companies (NBFCs), to facilitate easier loan disbursals across all platforms, according to a press release.
With the new API, Carefree has plans to aid more than 1,000 businesses to automate loan disbursals by 2021. The company said it’s currently working with lenders, loan management software and banks on its credit disbursal approach.
The company’s solutions are used by many businesses, including Northern Arc, Early Salary and PC Finance. The suite offers solutions for payouts, bank account verification and collection solutions.
“The lending ecosystem has witnessed remarkable transformations, and is now marked by changes in operations, availability of capital, new laws and regulations around lending, differences in borrower eligibility criteria and terms of loan acquisition and repayment, among others,” said Akash Sinha, CEO and co-founder of Cashfree. “Innovations in the payments technology space have played a crucial role in driving this evolution. Now, new FinTech players are penetrating the market to supplement legacy leaders and drive innovation, enhancing flexibility and fostering technology adoption to stimulate healthy competition in the banking segment. As a result, the country has witnessed a significant rise in the amount of capital infusion in the system, by Indian and global participants, in the last six months.”
Lenders can integrate Cashfree’s lending suite with their own platforms and execute disbursals from their own accounts instantly. Also, when a loan is repaid, it is updated automatically.
Cashfree also recently launched its Instant Settlement feature, which will help businesses gain access to funds inside 15 minutes of payment capture.
“With our lending payments suite, we intend to tackle this surge by speeding up the process of lending and recollection, all in all, while enhancing efficiency and user experience,” Sinha said. “Our goal is to provide flawless experiences and unparalleled services to the entire industry, including lenders, agents, banks and borrowers. Apart from assisting lending businesses, we are also working directly with loan management platforms and banks to bring more efficiency to the game.”
Last month, Cashfree launched a Unified Payment Interface (UPI) stack with more than 15 integrations for businesses’ payment needs.