Cashfree Payments, the Indian paytech and API banking solutions provider, has launched Secure ID, its end-to-end solution for identity verification, risk assessment and fraud prevention.
The solution leverages AI and LLMs to integrate into existing workflows for businesses, ensuring a smooth user experience across onboarding, user data verification and identifying user-level fraud.
With Secure ID, Cashfree Payments has consolidated all its verification offerings into a single suite, boosting operational efficiency. This includes Aadhaar, PAN, DL, voter ID, passport verifications, face match, liveness detection, geolocation check, bank account, and UPI ID verifications.
The AI-powered fraud detection solution offers reliability by identifying suspicious activities, anomalies, and patterns indicative of fraudulent behaviour. Additionally, SecureID provides data-driven risk scoring for informed decision-making and monitoring for potential risks in the user’s journey.
The announcement was made at Global Fintech Fest, in the presence of G Padmanabhan, former RBI executive director.
Akash Sinha, CEO and co-founder, Cashfree Payments
Talking about the launch, Akash Sinha, CEO and co-founder, Cashfree Payments said: “Our Secure ID platform integrates cutting-edge technology with robust verification and risk management infrastructure, empowering merchants to comply with regulations while safeguarding against fraud.
“By addressing the unique needs and regulations of various industries, Secure ID delivers unparalleled efficiency for businesses across the board.”
Ramkumar Venkatesan, CTO, Cashfree Payments
Addressing the technological excellence behind this platform, Ramkumar Venkatesan, CTO, Cashfree Payments said: “I’m proud to highlight how Secure ID leverages advanced technologies to offer a comprehensive solution. It includes NLP-based OCR, selfie verification with liveliness checks, and device intelligence.
“By integrating AI and ML, Secure ID provides sophisticated features such as bank statement analysis and risk scoring, delivering resilient and adaptive solutions tailored to diverse industry requirements. Built with a focus on the interconnectedness of identity verification, risk assessment, and fraud prevention, Secure ID enables us to capitalise on the momentum of innovation, advancing our technology strategy and ensuring Cashfree Payments remains at the forefront of the evolving payments industry.”
Ensuring growth in line with regulations
The extent of Secure ID can be seen by the brands using it. Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited are part of the Secure ID portfolio, showcasing the widespread industry adoption of this platform.
Today, regulatory compliance is paramount for digital-first businesses to reduce losses and grow. Cashfree Payments’ SecureID caters to various industries’ specific needs and regulations. It scales with a business’ user base and offers comprehensive coverage throughout the user journey, making it an industry-agnostic solution.
With UIDAI recording 1.96 billion Aadhaar authentications in April 2023, the Indian identity verification market holds immense potential, poised to exceed 100 billion verifications annually. SecureID, through the effective combination of identity verification, risk assessment and fraud prevention, will enable greater financial inclusion by ensuring secure and accessible financial services.
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