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Interoperable net banking is the next big revolution in India’s payments journey.
While this transformation has the potential to redefine high-value transactions just as UPI redefined everyday payments, for banks, this is also a great opportunity to scale Netbanking offerings to merchants nationwide. But for this shift to succeed, banks must be at the forefront, driving adoption, enabling seamless integrations, and setting the standard for a modern, merchant-ready netbanking experience.
At Cashfree, we want to empower issuing banks to embrace this new initiative and power the new netbanking flows for millions of customers – without delays.
Cashfree’s Banking Connect Switch: Built for Banks, Ready for Scale
With a decade of experience in handling large-scale, high-volume merchant ecosystems, we have a strong understanding of transaction flows, performance expectations and compliance needs. Our long-standing partnerships with multiple banks reflect our ability to work within complex financial environments and build interoperable systems that connect seamlessly with bank systems.
We have worked on multiple NPCI initiatives, including BBPS and BEPG, which have equipped us with a solid understanding of the regulatory frameworks and certification protocols.
Having served 800000+ merchants, Cashfree is now ready to empower banks with a robust issuing switch that not just enables banks to connect with the Banking Connect platform with minimal disruptions.
Quick Go-Live
With Cashfree’s ready SDK for QR and Intent journeys built for the new Netbanking journey and the ability to leverage a bank’s existing NetBanking infrastructure, deployment becomes significantly faster and smoother. Banks can go live quickly, reduce operational overhead, and ensure minimal disruption to current systems.
Effortless Integration
Deploying Cashfree’s Banking Connect switch is simple and efficient, requiring only minimal changes to the existing app. This saves banks months of valuable tech bandwidth and effort. Cashfree manages all connectivity and communication to ensure seamless end-to-end integration with the IBMB ecosystem.
Secure & Reliable
Cloud-hosted on Cashfree’s Infrastructure, the switch maintains full control, security, and compliance with NPCI’s Banking Connect specifications. It adheres to high standards of data privacy, encryption, and system resilience.
Full Stack Solutioning for Banks Beyond Deployment
We understand that banking infrastructure requires end-to-end support. That’s why our approach goes beyond just deployment. We partner with you to implement Banking Connect seamlessly and sustainably.
Continuous Monitoring & Maintenance
We understand that ongoing support is critical to the success of at-scale implementations such as Banking Connect. That’s why we are committed to not just delivering the solution but partnering with banks throughout the lifecycle of the switch.
This includes:
- Remote Monitoring and Proactive Alerts to proactive track API health, CBS connectivity and Banking Connect response cycles
- Regular system health checks, such as latency analysis, failure rate audits and load testing during high traffic periods.
- Version management to ensure timely deployment for version updates, security patches and spec updates
MIS & Reporting
We enable an independent and scalable MIS reporting to ensure complete visibility, compliance and control across transactions.
This includes:
- Automated daily reports summarising transaction status response codes, timestamps, reference IDs, etc.
- Reports required by NPCI or mandated as part of the IBMB switch certification or monitoring
Reconciliation Facility
We ensure a robust reconciliation mechanism between all stakeholders, ensuring alignment across all touchpoints.
This includes:
- Direct CBS Integration for Real-Time Validation
- Automated Matching & Exception Handling
- Transparent Audit Trail
The Banking Connect platform is a true benchmark in India’s Netbanking journey, and we at Cashfree are ready to help banks lead the charge with our ready-to-deploy switch and bring this initiative to a million checkouts across the country.
