Cashfree Payments sees 57% growth in processing user identity verification

Cashfree Payments, a company specialising in API banking solutions and payments, announced that the company's verification suite has processed over 400 million user identity verifications in financial year 23, a 57 per cent year-on-year increase.

The company said the verification suite aids businesses in verifying the identity and source of funds of individual users and partner businesses. Verification of businesses such as suppliers or service providers is carried out through the authentication of Aadhaar, PAN, GSTN, bank accounts and UPI handles, among others. 

Cashfree Payments has partnered with financial service providers such as Bajaj Finance, Cred, Indmoney, Acko, and platforms like Snapdeal, Rapido, among others, for integrating the 'verification suite' into their products.

The company further added that it processes over 1 million verification requests daily, reducing operational time by 85 per cent and costs by 75 per cent.

"Our advanced Verification Suite automates user and vendor Know Your Customer (KYC) and Know Your Business (KYB) processes, leveraging real-time access to an updated database through powerful APIs. This boosts operational efficiency for thousands of high-growth businesses across various industries, especially ecommerce marketplaces, banking, and payments. It ensures seamless and secure payment transfers, combating financial crimes and money laundering activities," said Reeju Datta, co-founder at Cashfree Payments.

As a result, businesses can automate their KYC and KYB processes during user onboarding. Cashfree Payments emphasised that this process guarantees that payments are directed to the intended and verified beneficiaries, thereby reducing any instances of payment failures and transfer reversals.

Additionally, Cashfree Payments claims to have over 50 per cent market share among payment processors. The company processes transactions worth $40 billion annually.

Cashfree Payments also recently announced the rebranding of its subsidiary Zecpe to Ecom360. This entity focuses on addressing the end-to-end growth challenges faced by direct-to-consumer (D2C) businesses.

The company had acquired Zecpe, a one-click checkout firm, in February of this year.