3 Open Banking Platforms Accelerating India’s FinTech Growth

By Leandra Monteiro

May 11 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 has put the spotlight on India at the global level with its technological innovations is the FinTech sector.

Rapid development and tremendous growth has been witnessed in areas like 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 Payments is a payments and API banking solutions company. It offers full-stack payment solutions that enable businesses in India to collect payments and make disbursements via all available methods with easy integration. Cashfree Payments’ offering includes an advanced and easy way to integrate payment gateways, a shared payment solution for marketplaces, bank account verification API and Auto Collect – a virtual account solution to match incoming payments to customers.

Cashfree Payments enables more than 3,00,000 businesses with payment collection, vendor payments, salary payments, mass reimbursement, expense reimbursement, loyalty and rewards. Apart from India, Cashfree Payments products are used in eight other countries, including the US, Canada and the UAE.

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

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

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

Banks, insurance companies, lending firms and other institutions have difficulty scaling, due to their technology limitations, forcing businesses to spend valuable time and engineering on solving rudimentary FinTech needs, rather than focusing on their product. This is where Setu comes in by managing all the individual integrations.

Setu routes the payment across networks and offers solutions for companies to be able to offer financial services to customers. It also offers Collect to facilitate online payment collection, FASTag for toll collection and more.

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