The company’s Verification Suite has witnessed a growth rate of 30% in the first quarter of FY 23-24, it said in a statement. India’s largest lender State Bank of India invested in the company that today has over 50% market share among payment processors.
Identity verification helps ensure compliance, prevent fraud, streamline operations, and enhance the overall user experience. Verification Suite helps businesses verify the identity and source of funds of individual users and partner businesses like suppliers or service providers through the authentication of Aadhaar, PAN, GSTN, Bank Accounts and UPI handles among others.
The company said currently it is processing over 10 lakh requests daily, cutting operational time by 85 per cent and costs by 75 per cent. Businesses can process over 10,000 verifications at once through excel upload or a simple API integration, it said.
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“Our advanced Verification Suite automates user and vendor KYC, leveraging real-time access to an updated database through powerful APIs, boosting 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,” says Reeju Datta, Co-Founder of Cashfree Payments. Cashfree Payments works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products. It is also integrated with platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.