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Banking is a major aspect in the financial services industry that is moving towards digital evolution. Traditional banking processes like deposits, transfer, have already been digitized with major banks already helping customers execute most of their processes digitally on the bank’s website or mobile apps.
Banking as a Service is the next big technology for neobanks, insurance providers, and other fintech services to attract a greater volume of customers at lower cost. Banking as a Service is a model that will help fintech solutions to connect with banks’ systems via API and provide end-to-end banking services, right from account creation, deposits, transfers, and much more.
Cashfree has adopted this change quite early, with a vision to help businesses and users simplify their banking services requirements with Cashfree Accounts!
Introducing Accounts by Cashfree!
Accounts by Cashfree is a Banking as a Service platform that lets you integrate your product with major banks via API. With Accounts, you can enable users to open accounts, link accounts, accept deposits, make payouts, check balance and earn interest and do a lot more.
Benefits for account issuing platforms and fintechs
Accounts is tailor-made for neobanks, fintech, and other account issuing platforms to help their users create and manage their banking transactions digitally.
With Accounts, you can now,
- Create bank accounts for users in minutes
- Go 100% paperless with online KYC
- Offer the most modern banking experience within your product. Give your customers the ease of operating and managing a fully digital bank account
- Set rules for funds transfer, withdrawals, block funds, etc. It’s easy to stop, pause or modify these rules too!
- Earn revenue from deposits generated
How does this help the users?
Cashfree has partnered with major banks to provide a completely connected banking experience. Your users can create a new bank account, or connect their existing bank account with your solution, and enjoy uninterrupted banking services without the need to visit a physical bank branch.
Here’s a sneak peek of what’s in store for the users:
- Open a bank account online in minutes. No bank visits required*.
- Link multiple existing bank accounts and access accounts from a single platform
- Check balance of all connected bank accounts
- Add money and earn interest
- Make instant money transfers
We hope this BaaS platform will help businesses and users save a great deal of time by digitizing the entire banking services and providing a complete banking ecosystem from within their product.
If you’d like to try this product out, contact our sales team and develop an understanding on how Accounts by Cashfree can help you grow your business and serve your customers.