Cashfree Debuts Banking-as-a-Service Offering for FinTechs

Payments company Cashfree has rolled out a new banking-as-a-service API to help speed up banking integrations, a press release says.

The service will let accounts offer features for account opening, linking, deposits, check balance and interest earning to their customers, partners and vendors. It will also allow for 100 percent cashfree bank accounts.

Akash Sinha, CEO and cofounder of 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.”

Cashfree says it will also add new support for savings accounts, virtual accounts and other payments instruments. The product is currently running pilots with FinTech startups.

In addition, Cashfree will soon be letting companies access much more efficient launches and scale-ups, and will let the companies do away with having to manage bank integrations or lengthy compliances.

Cashfree has recently secured an investment from the State Bank of India. The move was a reflection of the largest Indian investor’s commitment to “reinforce their shared vision of promoting digital modes of payments,” the company said.

Read more: State Bank of India Invests in SMB Payments Firm Cashfree

Cashfree allows customers to accept and disburse online payments with a single integration. The company has been incubated by PayPal, and other companies use it for things including eCommerce payment collection, vendor payments and marketplace settlements.

Cashfree, which boasts a repertoire of more than 100,000 businesses in India and the rest of the world, says it processes $20 billion in transactions per year.