/payments

News and resources on payments systems, innovations and initiatives worldwide.

Safexpay ships RegTech platform for bank APIs

Source: Safexpay

Safexpay, a leading global payments platform known for its innovative digital payment solutions, introduces APIX, an integrated RegTech platform that provides a comprehensive set of API solutions within a unified framework.

These solutions range from banking processes to payments and document verification, catering to a diverse array of businesses. It addresses the complexities of multiple API integrations from different sources for businesses, thereby improving its operational efficiency.

Most banks and merchants integrate with separate platforms for PAN, Aadhaar, vendor verification and information access, leading to functional bottlenecks or accessing multiple portals. With APIX, various aspects of verification for banking, payments and other utility-related functionalities are streamlined under one-stop platform.

The company aims to extend its customised API suites to over 1 lakh entities, including banks, online and offline merchants and businesses desirous of getting all verification done at one-platform. APIX can process multiple verifications daily, reducing operations time by 70%.

"Taking cognizance of the challenges faced by various businesses using multiple APIs and platforms, we wanted to create an integrated and simplified regtech platform that empowers businesses. Our solution is designed to help variety of businesses, across sectors like retail, e-commerce, and financial services to streamline their KYC verification and other allied processes. It allows businesses to focus on growth and innovation, while we handle their RegTech needs, ensuring operational efficiency. This leads to a significant enhancement of operational efficiency by 200-300%, underscoring our commitment to business excellence," said Ravi Gupta, Founder & CEO at Safexpay.

The platform enhances both security and compliance through a comprehensive range of document verification solutions, among other features. The Aadhaar Verification API ensures secure customer identification using OTP. Likewise, APIs for verifying Driving Licenses, PAN cards, Bank Accounts, Voter IDs, and Passports are at your disposal. Moreover, a smooth and secure Video KYC solution is provided for remote customer verification. The Banking APIs supported by APIX extend its reach to rural banking, enhancing financial access for underserved communities. Furthermore, APIX facilitates easier integration of APIs instead with clean documentation.

With the capacity to concurrently support over 25 banking and payment APIs, it serves multi-vendor partnership, reliable bank switching and seamless transaction journey, enhancing platform dependability. Committed to partner satisfaction, APIX provides a dedicated support desk for prompt assistance. Additionally, the platform enhances transaction accuracy via uniform verification of bank account details, minimising errors in fund transfers.

With this innovative solution, Safexpay reaffirms its commitment to simplifying financial operations, enhancing compliance, and providing businesses with the tools they need to excel in today's dynamic business landscape.

Comments: (0)