Cashfree Payments launches Secure ID at Global Fintech Fest
Bengaluru, 29th August, 2024: Cashfree Payments, India’s leading payments and API banking solutions company, today announced the launch of Secure ID at Global Fintech Fest, in the presence of G Padmanabhan, former RBI Executive Director. Secure ID is an end-to-end solution for identity verification, risk assessment, and fraud prevention. Cashfree Payments boasts of crossing 100Cr+ verifications and has prevented fraud worth INR 50Cr+ for businesses.
Talking about the launch and this milestone, Akash Sinha, CEO and Co-Founder, Cashfree Payments, said, “Ensuring secure, scalable, and risk-free solutions for businesses is the cornerstone of our work at Cashfree Payments. Our Secure ID platform integrates cutting-edge technology with robust verification and risk management infrastructure, empowering merchants to comply with regulations while safeguarding against fraud. By addressing the unique needs and regulations of various industries, Secure ID delivers unparalleled efficiency for businesses across the board.”
Secure ID leverages cutting-edge AI and LLMs to seamlessly integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud. The AI-powered fraud detection solution offers unparalleled reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey.
Addressing the technological excellence behind this platform, Ramkumar Venkatesan, CTO, Cashfree Payments, said, “I’m proud to highlight how Secure ID leverages advanced technologies to offer a comprehensive solution. It includes NLP-based OCR, selfie verification with liveliness checks, and device intelligence. By integrating AI and ML, Secure ID provides sophisticated features such as bank statement analysis and risk scoring, delivering resilient and adaptive solutions tailored to diverse industry requirements. Built with a focus on the interconnectedness of identity verification, risk assessment, and fraud prevention, Secure ID enables us to capitalise on the momentum of innovation, advancing our technology strategy and ensuring Cashfree Payments remains at the forefront of the evolving payments industry.”
With Secure ID, Cashfree Payments has consolidated all its verification offerings into a single suite, boosting operational efficiency. This includes Aadhaar, PAN, DL, Voter ID, Passport verifications, Face Match, Liveness Detection, GeoLocation Check, Bank Account, and UPI ID verifications.
Leading brands like Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited are part of the Secure ID portfolio, showcasing the widespread industry adoption of this platform.
Today, regulatory compliance is paramount for digital-first businesses to reduce losses and grow. Cashfree Payments’ SecureID leverages cutting-edge technology to cater to various industries’ specific needs and regulations. It scales seamlessly with a business’ user base and offers comprehensive coverage throughout the user journey, making it an industry-agnostic solution. With UIDAI recording 1.96 billion Aadhaar authentications in April 2023, the Indian identity verification market holds immense potential, poised to exceed 100 billion verifications annually. SecureID, through the effective combination of identity verification, risk assessment and fraud prevention, will lay the foundation for broader financial inclusion by enabling secure and accessible financial services.
Cashfree Payments is India’s leading payment service provider, processing transactions worth USD 80+ billion annually. It is a trusted choice for over 6,00,000 businesses for digital payment solutions. The company is redefining how businesses approach digital payments, verification, and payouts through its wide range of tech-first offerings. Cashfree Payments is expanding its presence in the UAE region outside of India through its acquired partner, Telr.