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Bajaj Finserv-Disbursing Instant Loans Using Cashfree Payments

Products Used

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About Bajaj Finserv

Bajaj Finserv was formed in April 2007. Bajaj Finserv serves millions of customers in the financial services space by providing solutions for asset acquisition through financing, asset protection through general insurance, family protection, income protection in the form of life and health insurance, and retirement and savings solutions.

Product used:

Verification Suite

Feature in focus:

Instant disbursal of loans, Insurance amounts and funds

Challenge

Disbursal of the amount to the correct and intended beneficiary only. 

Bajaj Finserv has a large network of customers across its financial services. Manual verification of these customers’ Bank account details during onboarding or before disbursals can become a complex and time-consuming process for the organization. It is crucial for the company to verify the customers’ details without any delays. For a company like Bajaj Finserv, it’s also important to ensure that the amount is being credited to the right beneficiary’s account in time without any delays or account reversals. Cross-verifying the account shared by the customer and matching the registered name at the bank gives an edge to the whole disbursal process for Bajaj Finserv.

Why does Bajaj Finserv verify bank accounts?

Bajaj Finserv has partnered with Cashfree Payments to eliminate the long, tedious verification process before processing the disbursal of loans, insurance or funds. 

Bank Account Verification by Cashfree payments automates the entire bank verification process during onboarding or before making the disbursal payouts. 

Bajaj Finserv validates the details for customers before activating any products like loan accounts, fixed deposits, insurance, disbursals of loans for personal, business or professional requirements, interest payouts on fixed deposits, or EMI-based credit cards.

On receiving the details from Bajaj Finserv, Cashfree Payments Bank Account Verification validates the name against the account holder’s name at the bank and the bank account details. If the bank account details and the name matches accurately, the disbursed is made and the amount gets credited to the beneficiary’s account.

What is Verification Suite? 

Verification Suite by Cashfree Payments helps businesses verify their beneficiaries immediately. With Verification Suite you can verify Bank account details, PAN, Aadhaar and GSTIN all under one dashboard. With Bank Account Verification you can match the name provided by the user with the account holder’s name registered at the bank to avoid any chances of fraud. It gives businesses a way to simplify their onboarding process. You can also automate the complete verification process with our powerful APIs and webhooks that can be easily integrated with your existing products to provide your customers with an enhanced experience!

Companies like Tata AIG, Nykaa, Furlenco, Droom, Bajaj Finserv etc are using Verification Suite to simplify their onboarding. Instantly onboard customers, employees, vendors, or delivery partners. 

You can now automate your complete employee or vendor onboarding process with our powerful APIs and webhooks.

 

Create an account, choose your desired product(s) for your business use case, and start transacting. Empower your payments with Cashfree Payments today!