Advertisement
Monday, Sep 27, 2021
Outlook.com
Outlook.com

Cashfree introduces suite of payment solutions for Lenders and NBFCs to foster India’s lending ecosystem

Cashfree introduces suite of payment solutions for Lenders and NBFCs to foster India’s lending ecosystem
outlookindia.com
1970-01-01T05:30:00+0530
(Eds: Disclaimer: The following content is a press release. PTI takes no editorial responsibility for the same.)

● Cashfree’s loan automation solutions are used by leading lending platforms including Northern Arc, Early Salary and PC Finance among others

● Cashfree plans to help 1000 lending businesses automate loan disbursals and collections by March 2021

● With the launch of the lending suite, Cashfree’s goal is to render unparalleled services to the entire industry by enhancing user experience and process efficiency

Bangalore, March 11, 2020: Cashfree, India’s leading business payments platform, has announced the launch of a suite of payments products, for lending companies and NBFCs, which allow easy loan disbursals to businesses and individuals across all platforms.

Cashfree has pioneered instant loan disbursals with an integrated credit disbursal approach through its API banking product and is currently working with lenders, loan management software and banks. At present, Cashfree’s solutions are used by many major lending businesses, including the likes of Northern Arc, Early Salary and Chinese-owned NBFC, PC Finance, to name a few.

The NBFC - Lending suite includes solutions such as:

● Payouts – Facilitates instant loan disbursals from a lender’s bank account via IMPS or UPI

● Bank Account Verification – Allows API verification of borrower’s bank account number

● Collection solutions like Subscriptions via e-mandate – Automates loan repayment collection by allowing borrowers to authorize lenders to debit their accounts

Akash Sinha, CEO & Co-founder of Cashfree, said, “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.”

He added, “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.”

“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. 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,” he added.

Lenders can integrate Cashfree’s lending suite with their existing loan management platforms and initiate disbursals from their bank account, instantly upon loan approval. Similarly, when a loan repayment is received, it is updated automatically in the loan management system.

India’s lending segment has witnessed massive developments since 2018, owing to the increasing demand for credit in the nation and rapid advancements in the fintech space. As per a joint study by Omidyar Network and Boston Consulting Group (BCG), the Indian digital lending market can grow up to 7 lakh crore by 2023. This means annual disbursements may multiply 15x within the next two years.

Cashfree has recently launched its Instant Settlement feature, which helps businesses access funds within 15 minutes of payment capture via its payment gateway as compared to the industry standard. The feature helps online businesses with increased working capital availability and has reportedly seen rapid adoption.

About Cashfree

Cashfree is a payments and banking technology company that enables businesses in India to collect and send money around the clock. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, Cashfree enables more than 50,000 businesses with payments collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Incubated by payments pioneer PayPal, Cashfree is backed by Smilegate and Y Combinator.

PWR

PWR


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

More from Website

PM Modi Visits New Parliament Building Construction Site Hours After Returning From US

PM Modi Visits New Parliament Building Construction Site Hours After Returning From US

Images of PM Modi inspecting the ongoing work at the new Parliament building, a part of the controversial Centra Vista project which has faced stiff criticism from the opposition, went viral.

Virat Kohli Gives RCB '10 Out Of 10', Rohit Sharma Talks About 'Bouncing Back' After IPL 2021 Clash

Virat Kohli Gives RCB '10 Out Of 10', Rohit Sharma Talks About 'Bouncing Back' After IPL 2021 Clash

Captains Virat Kohli, of Royal Challengers Bangalore, and Rohit Sharma, of Mumbai Indians, react after their big-ticket IPL 2021 clash in Dubai.

Glenn Maxwell, Harshal Patel Rock Mumbai Indians As Royal Challengers Bangalore Complete League Double In IPL

Glenn Maxwell, Harshal Patel Rock Mumbai Indians As Royal Challengers Bangalore Complete League Double In IPL

After posting 165/6, Royal Challengers Bangalore dismissed holders Mumbai Indians for a lowly 111 all out in 18.1 overs in their IPL 2021 match.

More from Outlook Magazine

Out Of Tune: Indie Musicians Seek Protection From Heckling And Abuse At Gigs

Out Of Tune: Indie Musicians Seek Protection From Heckling And Abuse At Gigs

Performers’ safety can only be ensured through street cred and holding organisers accountable.

Smoke And Mirrors: Smog Towers To Clean Up Dirty Air Is A Polluted Idea

Smoke And Mirrors: Smog Towers To Clean Up Dirty Air Is A Polluted Idea

The concept of vacuuming air in the open is not a practical solution to combat air pollution.

Sentry Duty On High Seas: Any Move To Contain China Is Welcome

Sentry Duty On High Seas: Any Move To Contain China Is Welcome

China, Afghanistan and the Quad are the pressing issues that form the backdrop of PM Modi’s first in-person meeting with Joe Biden

Advertisement

Outlook Newsletters

Advertisement