It allows merchants to seamlessly verify user identity, eliminating the need for technical expertise, thereby enhancing accuracy and reducing drop-offs
Payments and API banking company Cashfree Payments has launched 'KYC Link', which it claimed is India's first no-code verification solution for businesses, simplifying digital identity verification for MSMEs, emerging and digitally transitioning sectors. The solution eliminates the need for extensive technical expertise, allowing firms to adopt KYC solutions on day 0 and accelerating revenue generation from newly onboarded users.
Announcing the launch, Akash Sinha, CEO and co-founder of Cashfree Payments, said, "Built and developed in-house, this solution will reduce user drop-offs and unlock a higher verification completion rate while helping businesses comply with applicable regulations at lower cost."
With KYC Link, merchants can effortlessly send verification links through SMS, email, or WhatsApp to the user's mobile number, ensuring close to a 99 per cent success rate. This process can be automated, saving the merchant's time and resources, or done manually per their preference. It also mitigates user drop-offs, enhances the overall customer experience and achieves a higher verification completion rate.
Addressing the technological excellence behind the groundbreaking product, Ramkumar Venkatesan, CTO at Cashfree Payments, said, "KYC Link is a powerful metadata-driven, no-code platform designed for dynamic customisation and easy maintenance. Our engineering team utilised a proprietary Domain-Specific Language (DSL) and tools to generate customised dynamic forms for our merchants, ensuring a seamless user experience."
KYC Link incorporates all existing verification solutions offered by Cashfree Payments, including bank account verification across a network of over 600 banks, UPI, PAN and Aadhaar. It enables businesses to generate personalised KYC verification links, with the feature to incorporate a business logo and colour scheme to enhance the brand experience.
KYC Link is the newest addition to CashFree Payments' Verification Suite, which the company claims authenticates over 40 crore individuals annually. Businesses can process over 10,000 verifications at once through Excel upload or a simple API integration.
"Verification Suite by Cashfree Payments 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 fintech said in a statement.
A payment and API banking solutions company, Cashfree Payments provides full-stack payment solutions, enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Its offerings include an easy way to integrate payment gateways, a split payment solution for marketplaces, bank account veriﬁcation API, lending disbursals solution and auto collect—a virtual account solution to match inbound payments to customers.
Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, the payment service provider processes transactions worth $40 billion annually. It enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards.
Apart from India, Cashfree Payments products are used in eight other countries, including the USA, Canada, and UAE. The fintech is backed by Silicon Valley investor Y Combinator, Apis Partners, and State Bank of India (SBI) and was incubated by PayPal.