Cashfree introduces payment solution for Indian lenders

Cashfree’s loan automation solutions are used by leading lending platforms including Northern Arc, Early Salary and PC Finance among others. Cashfree plans to help 1000 lending businesses automate loan disbursals and collections by March 2021. With the launch of the lending suite.

Cashfree offers instant loan disbursals with an integrated credit disbursal approach through its API banking product and is currently working with lenders, loan management software and banks. At present, Cashfree’s solutions are used by lending businesses including the likes of Northern Arc, Early Salary and Chinese-owned NBFC, PC Finance, to name a few. The NBFC - Lending suite includes solutions such as:

• Payouts – Facilitates instant loan disbursals from a lender’s bank account via IMPS or UPI 
• Bank Account Verification – Allows API verification of borrower’s bank account number 
• Collection solutions like Subscriptions via e-mandate – Automates loan repayment collection by allowing borrowers to authorize lenders to debit their accounts 

Cashfree has recently launched its Instant Settlement feature, which helps businesses access funds within 15 minutes of payment capture via its payment gateway as compared to the industry standard. The feature helps online businesses with increased working capital availability and has reportedly seen rapid adoption.