Indian fintech firm Cashfree has rolled out its banking-as-a-service offering to allow neo-banks and fintech platforms to integrate banking services into their product.
Through the new solution, dubbed Accounts, businesses can offer services such as account opening, linking, deposits, check balance and interest-earning.
Cashfree claims that Accounts will enable 100% paperless bank account creation.
The offering currently supports current accounts’ creation and management and is running pilots with fintech startups.
Cashfree intends to expand its product portfolio to offer savings accounts, virtual accounts, APIs, and other payment solutions.
The firm stated that its integration across banks will help bypass the lengthy compliances and other operational processes and slash the investment in bank integration.
Cashfree CEO and co-founder Akash Sinha said: “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 counts the country’s largest lender State Bank of India among its investors and has partnered with the likes of Zomato, Cred, Nykaa, Delhivery, Acko and Shell.
Cashfree’s announcement comes shortly after the launch of the Account Aggregator (AA) system in the country.
An AA allows instant financial data sharing between Financial Information Providers (FIPs) and financial information users (FIUs).