Cashfree launches banking-as-a-service with ‘accounts’ feature

open banking
open banking

Banking technology company, Cashfree, has launched accounts to help neo-banks and fintechs quickly integrate banking services into their product. 

The addition will allow businesses to offer account opening, linking, deposits, check balance and interest earning to their customers, partners and vendors whilst enabling 100% paperless bank account creation instantly. 

Company CEO and Co-Founder, Akash Sinha, commented: “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.” 

This has come not long after it’s ‘Easy Split’ addition in June, which helped splitting incoming customer payments to multiple vendors/sellers, or bank accounts. Additionally, the announcement also comes close on the heels to the launch of the Account Aggregator ecosystem last week which has been cited as a significant milestone in open banking innovation in India.

Sinha added: “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.”

The solution company caters to the difficulties faced by young as well as established businesses whilst working alongside major banks to build the core payments and banking infrastructure.