Latest news with #PAN-Aadhaar
Business Standard
6 hours ago
- Business
- Business Standard
Cashfree Payments' Secure ID launches AI-powered, Multilingual Video KYC; Aims to Boost user Conversions by up to 80%
NewsVoir Bangalore (Karnataka) [India], June 12: Cashfree Payments' risk and verification arm, Secure ID has announced the launch of an RBI compliant, AI-powered Video KYC (VKYC) solution today. Aimed to boost user conversions by up to 80%, the platform is built to empower NBFCs, banks, lending platforms, insurance companies, and other regulated entities to digitally onboard users pan-India, including tier 2 and tier 3 regions. Commenting on the launch, Reeju Datta, Co-founder, Cashfree Payments said, "At Cashfree Payments, we understand the risk and compliance needs of Indian businesses. Our AI-powered Video KYC is designed to address one of their biggest pain points--secure, compliant, and seamless customer onboarding. By reducing fraud and drop-offs, and enabling real-time verification even in remote areas, this solution will help businesses expand and scale faster. It's a step forward in our mission to power growth with accessible, trusted, and future-ready financial infrastructure." As per data presented in the Lok Sabha, India has lost Rs. 107.21 crore to cyber fraud in the first three quarters of the ongoing financial year (FY25). With digital identity fraud on the rise and manual KYC processes plagued by high drop-offs and operational inefficiencies, the demand for a secure, scalable, and user-friendly solution has never been more critical. Traditional onboarding journeys often require users to fill lengthy forms, suffer long wait times, and navigate complex interfaces, leading to user fatigue, compliance gaps, and high operational costs. Cashfree's VKYC redefines the onboarding experience by offering an AI-assisted video KYC journey that supports low-bandwidth environments and makes pre-call form-filling 7X faster. It is mobile-first, compatible with 10k+ devices and provides access to over 20 regional languages with live AI-based translation during calls, ensuring every Indian gets onboarded with ease, regardless of device or language. To combat user drop-offs, Cashfree's VKYC integrates smart queue management with dynamic agent routing, priority queuing, and AI-powered nudges via WhatsApp, SMS, and email. Slashing live call duration to under 3 minutes (vs. 8-10 mins average), it enables each agent to handle over 200 calls per day. The platform boasts of AI-powered fraud detection capable of running more than 20 real-time checks, including, deepfake and spoof detection, PAN-Aadhaar match, face match, liveness detection, and geo-tagging, helping financial institutions reduce risk while remaining compliant with RBI and IRDAI guidelines. The system also generates tamper-proof, RBI-compliant audit trails in real time, boosting auditor efficiency through AI-powered tools. Cashfree's VKYC integrates with the company's broader SecureID stack, which offers a range of APIs for identity verification and fraud prevention. With VKYC, Cashfree Payments is doubling down on its commitment to reimagine the future of digital identity verification and fraud prevention for businesses, enabling them to onboard the next billion users with trust, speed, and simplicity. Cashfree Payments is a leader in payments in India. Founded in 2015, Cashfree Payments processes transactions worth $80B annually for more than 800,000 businesses. Businesses use Cashfree Payments to collect payments from 100+ payment methods, make payouts, make cross border payments, improve conversions with a one-click checkout, recover abandoned carts, and predict and reduce returns. With an easy onboarding and integration process, and compatibility with popular merchant platforms like Shopify, Wix, Wordpress, WooCommerce, WhatsApp, Cashfree Payments enables businesses to start transactions within a day. Cashfree Payments directly connects with all payment networks and owns its payment processing technology end-to-end, ensuring higher success rates and reliability. Built for scale, it enables businesses to process an industry-leading 12,000 transactions per second, handling peak demand effortlessly. Alongside payments, Cashfree Payments offers SecureID, an identity verification stack with a comprehensive suite of APIs and KYC components. SecureID enables fintechs and startups to streamline compliant onboarding and KYC flows by minimising user inputs, thus reducing drop-offs, intelligently verifying identity documents, and detecting fraud and anomalies with high accuracy. Cashfree Payments is authorised by the Reserve Bank of India to operate as a payment aggregator for both domestic and cross-border payments, and was one of the first entities to be authorised. It is also authorised to issue Prepaid Instruments. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
Fashion Value Chain
11 hours ago
- Business
- Fashion Value Chain
Cashfree Payments' Secure ID launches AI-powered, Multilingual Video KYC; Aims to Boost user Conversions by up to 80%
Built to empower NBFCs, banks, lending platforms, insurance companies, and other regulated entities to digitally onboard users pan-India, including tier 2 and tier 3 regions Supports low-bandwidth environments and makes pre-call form-filling 7X faster It is mobile-first, compatible with 10k+ devices and provides access to over 20 regional languages with live AI-based translation during calls The platform boasts of AI-powered fraud detection capable of running more than 20 real-time checks, including deepfake and spoof detection Cashfree Payments' risk and verification arm, Secure ID has announced the launch of an RBI compliant, AI-powered Video KYC (VKYC) solution today. Aimed to boost user conversions by up to 80%, the platform is built to empower NBFCs, banks, lending platforms, insurance companies, and other regulated entities to digitally onboard users pan-India, including tier 2 and tier 3 regions. Reeju Datta, Co-founder, Cashfree Payments Commenting on the launch, Reeju Datta, Co-founder, Cashfree Payments said, 'At Cashfree Payments, we understand the risk and compliance needs of Indian businesses. Our AI-powered Video KYC is designed to address one of their biggest pain points-secure, compliant, and seamless customer onboarding. By reducing fraud and drop-offs, and enabling real-time verification even in remote areas, this solution will help businesses expand and scale faster. It's a step forward in our mission to power growth with accessible, trusted, and future-ready financial infrastructure.' As per data presented in the Lok Sabha, India has lost Rs. 107.21 crore to cyber fraud in the first three quarters of the ongoing financial year (FY25). With digital identity fraud on the rise and manual KYC processes plagued by high drop-offs and operational inefficiencies, the demand for a secure, scalable, and user-friendly solution has never been more critical. Traditional onboarding journeys often require users to fill lengthy forms, suffer long wait times, and navigate complex interfaces, leading to user fatigue, compliance gaps, and high operational costs. Cashfree's VKYC redefines the onboarding experience by offering an AI-assisted video KYC journey that supports low-bandwidth environments and makes pre-call form-filling 7X faster. It is mobile-first, compatible with 10k+ devices and provides access to over 20 regional languages with live AI-based translation during calls, ensuring every Indian gets onboarded with ease, regardless of device or language. To combat user drop-offs, Cashfree's VKYC integrates smart queue management with dynamic agent routing, priority queuing, and AI-powered nudges via WhatsApp, SMS, and email. Slashing live call duration to under 3 minutes (vs. 8-10 mins average), it enables each agent to handle over 200 calls per day. The platform boasts of AI-powered fraud detection capable of running more than 20 real-time checks, including, deepfake and spoof detection, PAN-Aadhaar match, face match, liveness detection, and geo-tagging, helping financial institutions reduce risk while remaining compliant with RBI and IRDAI guidelines. The system also generates tamper-proof, RBI-compliant audit trails in real time, boosting auditor efficiency through AI-powered tools. Cashfree's VKYC integrates with the company's broader SecureID stack, which offers a range of APIs for identity verification and fraud prevention. With VKYC, Cashfree Payments is doubling down on its commitment to reimagine the future of digital identity verification and fraud prevention for businesses, enabling them to onboard the next billion users with trust, speed, and simplicity. About Cashfree Payments Cashfree Payments is a leader in payments in India. Founded in 2015, Cashfree Payments processes transactions worth $80B annually for more than 800,000 businesses. Businesses use Cashfree Payments to collect payments from 100+ payment methods, make payouts, make cross border payments, improve conversions with a one-click checkout, recover abandoned carts, and predict and reduce returns. With an easy onboarding and integration process, and compatibility with popular merchant platforms like Shopify, Wix, WordPress, WooCommerce, WhatsApp, Cashfree Payments enables businesses to start transactions within a day. Cashfree Payments directly connects with all payment networks and owns its payment processing technology end-to-end, ensuring higher success rates and reliability. Built for scale, it enables businesses to process an industry-leading 12,000 transactions per second, handling peak demand effortlessly. Alongside payments, Cashfree Payments offers SecureID, an identity verification stack with a comprehensive suite of APIs and KYC components. SecureID enables fintechs and startups to streamline compliant onboarding and KYC flows by minimising user inputs, thus reducing drop-offs, intelligently verifying identity documents, and detecting fraud and anomalies with high accuracy. Cashfree Payments is authorised by the Reserve Bank of India to operate as a payment aggregator for both domestic and cross-border payments, and was one of the first entities to be authorised. It is also authorised to issue Prepaid Instruments. Cashfree Payments is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI), and was incubated by PayPal.
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Business Standard
2 days ago
- Business
- Business Standard
Long-awaited tax refunds may finally land as 2023-24 returns are processed
The Central Board of Direct Taxes (CBDT) will allow more time for processing pending returns filed under Section 139 of the Income Tax Act, 1961, for assessment year 2023-24 (AY 2023-24). This could result in long-awaited refunds or Income Tax demand notices reaching taxpayers over the next few months. What CBDT has said In a directive issued under Section 119(2)(a) of the Act, the CBDT has relaxed the timeline laid out in the second proviso to Section 143(1). 'Valid electronically filed returns for AY 2023-24, which remained unprocessed due to the lapse of the statutory timeline, shall now be processed and intimations under section 143(1) will be sent by November 30, 2025,' the order dated June 9, 2025, states. This relief is only for Income Tax returns (ITR) that are valid but were not processed earlier. Returns selected for scrutiny or delayed due to taxpayer-related issues will not be covered under this relaxation. Who benefits? Taxpayers awaiting refunds for AY 2023-24 due to processing delays. Returns that were electronically filed under Section 139, but couldn't be acted upon within the original deadline. However, the CBDT has clearly stated that this relaxation 'shall not be applicable' to: ITRs flagged for scrutiny assessments. ITRs that are pending due to reasons attributable to the assessee, such as missing information or mismatches. No refund without PAN-Aadhaar link There's a caveat. If your PAN and Aadhaar are still not linked, any eligible refund will not be released. The CBDT reiterated that 'refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made' unless PAN-Aadhaar is linked, according to the circular by CBDT What should you do now? Check your ITR status on the e-filing portal. Ensure PAN-Aadhaar linkage if you're expecting a refund. Watch out for communications from the Income Tax Department — you may either get a refund or a notice of demand depending on your filing. With this extended window, the tax department aims to clear a significant backlog, bringing relief and resolution to lakhs of taxpayers.
