3 Open banking platforms accelerating India’s FinTech growth

By Leandra Monteiro

11th May in India is celebrated as National Technology Day. India takes this day to highlight the technological advancements across the country and in various sectors. One of the sectors that have put the spotlight on India at a global level with its technological innovations is the FinTech sector.

Rapid developments and tremendous growth has been witnessed in areas such as Open API ecosystems, AI/ML, blockchain etc. Keeping that in mind, here are 3 popular Open API platforms contributing to India’s economic growth:

• Cashfree

Cashfree Payments is a payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree Payments’ offerings include an advanced and easy way to integrate payment gateways, a split payment solution for marketplaces, bank account verification API, and Auto Collect -a virtual account solution to match inbound payments to customers.

Cashfree Payments enables more than 3,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries including the USA, Canada, and UAE.

• M2P Fintech

M2P Solutions is a financial services API platform for banking and payment products in the Middle East and Asia. Founded in 2015, M2P has partnered with more than 500 FinTechs and 30 banking partners and the portfolio is growing constantly.

M2P works extensively with banks and financial institutions as an ecosystem enabler and offers end-to-end program management services over a bundle of APIs. M2P solves real-time payments for various sectors such as retail, cab-hailing and food delivery companies.

• Setu

Setu aims to accelerate India’s economic growth by making financial services accessible and affordable to all. The company offers open banking aggregation APIs. It partners with financial institutions, creates accounts, and manages them.

Banks, insurance companies, lending firms and other institutions have trouble scaling, due to their technology constraints, forcing business to spend valuable time and engineering effort solving for rudimentary FinTech needs, instead of focusing on their product. This is where Setu comes in by managing all the individual integrations its end.

Setu routes the payment across networks and offers solutions for businesses in order to offer financial services to customers. It also offers Collect for facilitating the collection of online payments, FASTag for collecting toll payments, and more.

ALSO READ: Global Digital Banking Vendor & Landscape Report Q1 2023