New Delhi: Cashfree Payments, the digital payment solutions provider backed by SBI, recently unveiled ‘KYC Link’—an innovative no-code verification system aimed at streamlining Know Your Customer (KYC) processes for businesses through SMS, email, or WhatsApp.
According to the company, KYC Link stands as India’s pioneer no-code verification solution, revolutionising customer experience and aiding businesses in compliance with regulations at a reduced cost.
Akash Sinha, CEO and Co-founder of Cashfree Payments, emphasised that this in-house developed solution eliminates the need for extensive technical expertise, allowing businesses to adopt KYC solutions and enhance revenue generation from newly onboarded users.
As per Cashfree Payments:
1. KYC Link is the newest addition to CashFree Payments’ Verification Suite, the flagship platform capable of authenticating over 40 million individuals annually.
2. Facilitating easy verification through SMS, email, or WhatsApp, KYC Link boasts a nearly 99 per cent success rate, available for both automated and manual processes.
3. With a user-friendly interface that minimises drop-offs, the solution enhances the overall customer experience.
4. Achieving a higher verification completion rate, KYC Link saves time and resources for merchants.
5. Encompassing various verification solutions such as Bank Account Verification (across a network of 600+ banks), UPI, PAN, Aadhaar, and more.
6. Businesses can create personalised KYC links, amalgamating their logo and colour scheme for an enhanced brand experience.
7. Processing over 10,000 verifications at once is possible for businesses through Excel upload or a simple API integration.
Ramkumar Venkatesan, CTO of Cashfree Payments, highlighted, “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.”
Cashfree Payments, notably dominating bulk disbursals in India with its Payouts, holding over 50 per cent market share, is integrated with major platforms like Shopify, Wix, Paypal, Amazon Pay, Paytm, and Google Pay.
Serving not only in India but also in eight other countries, including the USA, Canada, and UAE, Cashfree Payments remains a key player in the digital payments landscape.
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