The Reserve Bank of India gave the go-ahead to Open, Cashfree Payments, PayNearby & Fairexpay, providers of payments and API banking solutions, for its cross-border payments offering. Cross-border payments are the focus of the Reserve Bank of India’s (RBI) announcement about the Second Cohort’s release from the Regulatory Sandbox. The reserve bank chose four of the eight entities that were a part of the Test Phase. These companies include the unicorn of neobanking, Open, as well as Cashfree Payments, PayNearby, and Fairexpay. These entities have all successfully passed the second cohort’s Test Phase.
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KEY POINTS:
Open is a neobank that provides B2B services like payment solutions, APIs, and payment gateways that enable cross-border payments. Open is one of India’s 22 fintech unicorns.
The solution from Cashfree Payments aims to give Indian fintech companies the ability to let Indian investors purchase shares, exchange-traded fund (ETF) units, and other assets listed on foreign markets using UPI/Net Banking.
For outbound remittance, Fairexpay offers an aggregation platform of international payment service providers.
PayNearby enables the existing Rupee Drawing Arrangement (RDA) method to route the inward cross-border payment to the beneficiary’s Aadhaar number as a virtual bank account.
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