Cashfree Payments, a payment, and API banking solutions organization declared its new release of Aadhaar Verification as a part of its Verification suite. This additional attribute is an extension of the suite that offers authentication of bank accounts, PAN, UPI, and IFSC.
The add-on feature to the Cashfree Payments Verification Suite allows real-time client identity verification by comparing the Aadhaar number inserted with the Aadhar in the database. The KYC check service is required in practically every company area, encompassing e-commerce with vendor and delivery onboarding, as well as BFSI categories such as insurance and investment platforms. This would assist retailers in immediately verifying the clients using their Aadhaar numbers, as opposed to the previous practice of using an OTP for Aadhaar verification. Cashfree Payments created the product portfolio with the needs of businesses in mind since it dramatically decreases the time required to fulfill KYC, thereby addressing a crucial business issue.
Akash Sinha, CEO and Co-Founder, Cashfree Payments stated, “We are delighted to expand our offerings with the addition of Aadhaar verification to our existing Verification Suite. This feature will enable easy and faster identity verification via Aadhaar in a secure and cost-effective way. Our verification suite is designed to make the customer KYC and related verification processes convenient for our partner businesses. Integration of Aadhaar verification will immensely benefit all the businesses which require a real-time process for their user verification needs. Cashfree Payments has been a torchbearer when it comes to providing customer-friendly and effective product solutions. We look forward to continuing our bid to provide greater value addition and support to all the stakeholders through our distinctive products.”
The authentication suite’s real-time API will take this 12-digit unique Aadhaar number as input and confirm the end-user identification in real-time once it has been entered correctly by the customer or vendor. The retailer will also be able to verify the client’s gender, state, age band, and the last three digits of the client’s enrolled mobile number, all of which are stored in the Aadhaar database.