Cashfree Payments, India’s premier payments and API banking firm, unveiled the ‘BBPS-Biller Solution,’ which enables and streamlines interoperable bill payment collection for Indian businesses. It is a single integration platform built for enterprises that handle recurring payments, allowing them to be found on 150+ digital channels and 35 lakhs+ offline collection sites on the Bharat Bill Payment System and collect bill payments at scale. The BBPS-Biller system coincides with the RBI’s aim of providing integrated, accessible, and interoperable bill payment services across regions while ensuring transaction security.
Announcing the launch, Akash Sinha, CEO and Co-founder, Cashfree Payments said, “The launch of BBPS-Biller Solution will unlock opportunities and bring simplicity and ease in collecting bill payments for Indian businesses. This product will play a pivotal role in streamlining collections and settlements for businesses while fostering connections with millions of customers across India. At Cashfree Payments, we are committed to building innovative products and solutions that will not only empower businesses but also contribute towards strengthening the digital payments ecosystem in the country.”
The BBPS-Biller Solution was unveiled at the recent Bengaluru Tech Summit.
Cashfree Payments’ BBPS-Biller Solution uses the BBPS network to cut collection expenses by up to 4X while seamlessly using all cash and digital collection locations. The technology allows 90% faster reconciliation with real-time reporting and rapid notifications. Businesses can also benefit from Cashfree Payments‘ guided onboarding and extensive technical support, which can result in 2X faster bill collection.