The plug-and-play escrow solution enables merchants to go live faster while being compliant with regulatory requirements. The offering comes as a response to the growing concerns over financial frauds and uncertainties in online transactions while also adapting to the changing regulations affecting businesses across several industries.
One Escrow features and use cases
Cashfree Payments’ officials stated that the new platform aims to increase trust, security, and transparency in online transactions. One Escrow’s capabilities range from agreement creation to escrow party identity verification, serving as a single platform for businesses to manage operational and compliance needs.
By using One Escrow, companies can add all parties related to an agreement, move the agreement through various states, and automate final payouts to beneficiaries included in the agreement object. Through the merchant dashboard, the platform provides comprehensive tracking of all transactions, including credits and debits related to an escrow agreement. Moreover, companies can also create multiple customer-level ledgers through APIs and dashboards to reconcile and manage pay-in and pay-out information. To ensure security and prevent financial fraud, all escrow parties are verified, including PAN and bank account details.
Furthermore, One Escrow can be tailored to support all business use cases, including payout, co-lending, supply chain financing, marketplaces, D2C, ecommerce, HRMS, and payroll platforms, among others. Some of the use cases include:
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Milestone-based Payments for services and construction, ensuring that funds are released online when terms and conditions are met;
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Ecommerce Marketplace that ensures supplier approvals are obtained for each transaction, especially for commission payments;
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Brand or Campaign Payments that reduce tax liabilities for intermediary platforms connecting influencers with brands;
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Supply Chain Financing that explores escrow constructs for borrower collections and virtual account-based solutions;
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Alternate Investments that facilitate venture platforms and precision farming investments through escrow for project-based investments.
Cashfree Payments’ latest developments
Providing full-stack payment solutions, Cashfree Payments enables businesses in India to collect payments and make payouts via all available methods with simple integration. Recently, the company
tapped Shopify aiming to extend onsite payments for Indian merchants. Through this partnership, Cashfree Payments seeks to introduce new features that allow merchants to offer a better checkout experience for their clients by collecting payment information directly on their website.
Moreover, at the beginning of September 2023, Cashfree Payments
launched its UPI Plug-in service for mobile-first businesses. The new product is offered to mobile-first businesses in order to allow them to collect UPI payments from clients, without using the application. The UPI Plug-in was developed in partnership with NPCI and Axis Bank, aiming to enhance the product’s security and regulatory compliance.
Also, Cashfree Payments
partnered with NPCI to launch AutoPay on QR for subscription-based businesses. The solution helps companies to increase return on investment (ROI) on ad spending by enabling mandate creation.
