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Technology Other News 28 Feb 2020 Cashfree bolsters &l ...

Cashfree bolsters ‘Payouts’ by increasing partnerships with leading banks

DECCAN CHRONICLE
Published Feb 28, 2020, 6:32 am IST
Updated Feb 28, 2020, 6:32 am IST
These partnerships will help Cashfree create a seamless banking experience for businesses ensuring real-time digital payments.
Digital payments are witnessing tremendous growth in the country.
 Digital payments are witnessing tremendous growth in the country.

Cashfree has announced partnerships with HDFC Bank, Kotak Bank and IndusInd Bank to strengthen Payouts, its bulk disbursal platform. Payouts, an API based banking solution, is a simple and automated way to send money in bulk to any company’s bank account in India, instantly in real-time, 24x7 and even during bank holidays. Businesses can send money to other bank accounts, cards, Amazon Pay, Paytm and UPI IDs.

Akash Sinha, Co-Founder and CEO of Cashfree said, “Through our strategic partnerships with Indian leading banks, we continue to strengthen our platform and enable businesses to manage and automate bulk payments. By fortifying our network of banks, Cashfree’s disbursals in the form of refunds, vendor payments and more will become faster and easier than ever.

 

Digital payments are witnessing tremendous growth in the country. In the last five years, we have witnessed the growth of unique internet businesses that are growing rapidly and changing the lives of their consumers. In such a scenario, it is imperative for money to move faster than ever before. Cashfree’s Payouts is a true enabler of this movement, allowing businesses to make bulk payments instantly 24x7, even on bank holidays. The strong partnerships that we have forged with India’s leading banks on our platform allows our merchant partners to have a higher success rate for online transactions, enabling them to focus on growing their business.”

 

Payouts by Cashfree is used by thousands of businesses such as Delhivery, Xiaomi, Club Factory, and Shell, for use cases like vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty & rewards. More than 20 million bank accounts have received a payout through Cashfree.

Benefits of Payouts:

Instant beneficiary addition and money transfer 24x7, even on bank holidays: Businesses can instantly add beneficiaries and make bulk transfers through Cashfree. Money can be sent instantly, 24x7, even on bank holidays.

Robust APIs for automated Payouts: Cashfree’s API can support millions of daily transactions to handle the scale of business. A user can simply use the API or opt to use the Payouts’ simple excel file upload option via Cashfree’s dashboard and make bulk payments.

 

Pay salaries, vendor payments and refunds directly from your internal product or ERP: 

Users do not have to juggle between their ERP and banking applications to make payments. Bank current account holders can simply integrate Cashfree’s Payouts API with their product or internal ERP and trigger the payments from their linked current account. Businesses with a maker-checker workflow can continue to authorize their payments in the Bank's Corporate Internet Banking portal. 

Automated reconciliation of failed transfers: Cashfree’s intelligent algorithms can analyse a users’ bank statement to reveal payment failure and automatically reconcile the same.

 

Bank Account Verification: Cashfree helps identify if the name of the account holder and if the bank account number is correct.

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