 "SBI-backed payment aggregator Cashfree unveils first no-code KYC link")
Cashfree Payments, the SBI-backed digital payment solutions provider, introduced 'KYC Link' on Tuesday—a no-code verification system designed to streamline Know Your Customer (KYC) processes for businesses. KYC Link facilitates easy verification through SMS, email, or WhatsApp.
According to the company, KYC Link is India’s first no-code verification solution. It eliminates the need for extensive technical expertise, allowing businesses to adopt KYC solutions and accelerate revenue generation from newly onboarded users.
“Built and developed in-house, this solution will revolutionize customer experience, reduce user drop-offs and unlock a higher verification completion rate while helping businesses get compliant with applicable regulations at lower cost,” said Akash Sinha, CEO and Co-founder, Cashfree Payments.
According to the company, KYC Link is India’s first no-code verification solution. It eliminates the need for extensive technical expertise, allowing businesses to adopt KYC solutions and accelerate revenue generation from newly onboarded users.
“Built and developed in-house, this solution will revolutionize customer experience, reduce user drop-offs and unlock a higher verification completion rate while helping businesses get compliant with applicable regulations at lower cost,” said Akash Sinha, CEO and Co-founder, Cashfree Payments.
What KYC Link Offers?
According to Cashfree Payments:
- KYC Link is the latest addition to CashFree Payments’ Verification Suite, the firm's flagship verification platform that can authenticate over 40 million individuals annually.
- KYC Link facilitates easy verification through SMS, email, or WhatsApp.
- The process boasts a close to 99 per cent success rate and can be automated or done manually.
- Its user-friendly interface reduces drop-offs, enhancing the overall customer experience.
- The solution achieves a higher verification completion rate, saving time and resources for merchants.
- KYC Link encompasses various verification solutions, including Bank Account Verification (across a network of 600+ banks), UPI, PAN, Aadhaar, and more.
- Businesses can generate personalised KYC links, incorporating their logo and colour scheme for an enhanced brand experience.
- Businesses can process over 10,000 verifications at once through Excel upload or a simple API integration.
“KYC Link is a powerful metadata-driven, no-code platform designed for dynamic customisation and easy maintenance. Our engineering team has utilised a proprietary Domain-Specific Language (DSL) and tools to generate customised dynamic forms for our merchants, ensuring a seamless user experience,” said Ramkumar Venkatesan, CTO, Cashfree Payments.
Notably, payment aggregator Cashfree Payments dominates bulk disbursals in India with its Payouts, holding over 50 per cent market share. Cashfree Payments is integrated with major platforms like Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay, Cashfree Payments serves not only in India but also in eight other countries, including the USA, Canada, and UAE.