India-based payments and banking technology company Cashfree has rolled out an instant cross border payments solution called ‘Global Payouts’ for international businesses.
Global businesses can now make remittances directly to the bank accounts of their sellers, service providers or freelancers in India.
They can make instant money transfers in 17 currencies, including Indian Rupees (INR), via wire transfers or using a wallet-to-wallet money transfer method.
Global Payouts enables fintechs, e-commerce marketplaces, logistics platforms, remote staffing platforms outside India to make bulk money transfers.
Clients need not set up a business unit in the country to avail Cashfree’s services.
For recipient partners and sellers, the Global Payouts solution helps secure the necessary certificates for their regulatory filing.
Initially, the Global Payouts solution will be available for businesses across the US, LATAM, Middle East, APAC and Africa geographies.
Cashfree partners with global companies including Shell, Tencent, and HDFC Ergo.
Cashfree co-founder and CEO Akash Sinha said: “As India is the second-largest market for cross border commerce, we realised the need for a fast, simple and cost-effective way to make cross border payouts to India.
“With Global Payouts, Cashfree opens the door for international businesses to automate seamless cross border payments to India. We have been piloting the feature with a set of our global users and are excited to make the feature available to all businesses looking to make payouts to India.”