India-based payments and banking solutions provider Safexpay has announced the launch of a regtech platform that provides an extensive set of API solutions within a unified framework. The solutions included within the APIX platform range from banking processes to payments and document verification, catering to a diverse range of businesses and looking to address the complexities of multiple API integrations from different business sources to improve operational efficiency.

Safexpay’s regtech platform capabilities and launch context The platform helps enhance security and compliance through an extensive range of document verification solutions, in addition to other features. The Aadhaar Verification API ensures secure customer identification leveraging OTP, and APIs for verifying driving licences, PAN cards, bank accounts, voter IDs, and passports are included. Furthermore, a simple and secure video KYC solution is offered for remote customer verification.

APIX also supports banking APIs that extend its reach to rural banking, increasing financial access for underserved communities. Furthermore, APIX helps facilitate simplified API integration with clean documentation. Having the ability to support more than 25 banking and payment APIs concurrently, the solution serves multi-vendor partnerships, reliable bank switching, and hassle-free transaction journey, increasing platform dependability.

With a commitment to partner satisfaction, APIX offers a dedicated support desk for prompt assistance and helps enhance transaction accuracy via uniform verification of bank account details, thus minimising errors in fund transfers. With the launch of this solution, Safexpay seeks to reaffirm its commitment to simplifying financial operations, bettering compliance, and providing businesses with the tools needed to succeed in the current dynamic business landscape. The announcement details that most banks and merchants integrate with separate platforms for PAN, Aadhaar, vendor verification and information access, thus leading to functional bottlenecks or accessing multiple portals.

APIX seeks to streamline varied verification aspects for banking, payments, and other utility-related functionalities under a one-stop platform. The company is aiming to extend its customised API suites to more than 1 lakh entities (100,000), including banks, online and offline merchants, and businesses looking to carry out verification through a single platform. Reportedly, APIX can process multiple verifications daily, helping reduce operations time by 70%.

When commenting on the launch, Ravi Gupta, Founder & CEO at Safexpay stated that by taking cognizance of the challenges businesses using multiple APIs and platforms face, the company sought to create an integrated and simplified regtech platform that empowers businesses. Per their statement, the solution is designed to help various businesses across sectors like retail, ecommerce, and financial services to simplify their KYC verification and other allied processes. The spokesperson added that it enables them to focus on growth and innovation, while Safexpay handles their regtech needs, helping ensure operational efficiency and ultimately leading to enhanced operational efficiency of up to 200-300%.

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