The feature allows businesses to reduce the usual T+3 (Transaction date + Number of business days) settlement cycle and to access funds within 15 minutes of capturing the payment, even on bank holidays. The introduction of instant settlements removes the time gap between payments capture and fund accessibility, making it a lucrative offering for businesses.
Cashfree’s ‘Instant Settlements’ feature is in line with the RBI’s proposal to make 24x7 availability of NEFT infrastructure a reality. As part of the company’s expansion plan, Cashfree will soon extend the ‘Instant Settlement’ facility to its other collection products, including auto-collect and marketplace settlement. In 2019, Cashfree had pioneered ‘Instant Refunds’ in India and introduced ‘Same-day Settlements’ for businesses.
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