Payments platform Safexpay has introduced APIX, an integrated RegTech platform that provides a comprehensive set of API solutions within a unified framework. These solutions range from banking processes to payments and document verification, catering to a diverse array of businesses. It addresses the complexities of multiple API integrations from different sources for businesses, thereby improving its operational efficiency. 

Most banks and merchants integrate with separate platforms for PAN, Aadhaar, vendor verification, and information access, leading to functional bottlenecks or accessing multiple portals. With APIX, various aspects of verification for banking, payments, and other utility-related functionalities are streamlined under a one-stop platform, said the company. 

Safexpay aims to extend its customised API suites to over 1 lakh entities, including banks, online and offline merchants, and businesses desirous of getting all verification done on one platform. APIX can process multiple verifications daily, reducing operations time by 70 per cent. 

"Taking cognisance of the challenges faced by various businesses using multiple APIs and platforms, we wanted to create an integrated and simplified RegTech platform that empowers businesses. Our solution is designed to help a variety of businesses across sectors like retail, e-commerce, and financial services to streamline their KYC verification and other allied processes. It allows businesses to focus on growth and innovation while we handle their RegTech needs, ensuring operational efficiency. This leads to a significant enhancement of operational efficiency by 200-300 per cent, underscoring our commitment to business excellence," said Ravi Gupta, founder and CEO at Safexpay. 

With the capacity to concurrently support over 25 banking and payment APIs, it serves multi-vendor partnerships, reliable bank switching, and seamless transaction journey, enhancing platform dependability. It also provides a dedicated support desk for prompt assistance. Additionally, the platform enhances transaction accuracy via uniform verification of bank account details, minimising errors in fund transfers, the company said in a statement.