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Open’s Cross-Border Payments Product Gets Nod From RBI

RBI in its statement described OPEN’s product as a blockchain-based cross-border payment system

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OPEN on Tuesday received a go-ahead from the Reserve Bank of India (RBI) for its new cross-border payments product. This comes after OPEN completed the test phase of the second cohort under the RBI’s regulatory sandbox structure themed ‘Cross Border Payments’.

RBI in its statement described OPEN’s product as a blockchain-based cross-border payment system, leveraging the current infrastructure and ensuring frictionless and tamperproof monitoring capabilities.

Commenting on this achievement, Anish Achuthan, Co-founder & CEO, Open Financial Technologies, said, “We were grateful to be selected for the second cohort of the RBI regulatory sandbox and the team at RBI have been really supportive in helping us successfully complete the trial. We now look forward to scaling the solution by working closely with banks to offer a suite of products for cross border payments and trade finance which will benefit millions of SMEs in India. We also plan to offer this solution to Financial Institutions globally through our enterprise banking offering- BankingStack”

In September 2021, 8 entities were shortlisted for the second round of testing. As of today, OPEN is one of the 4 entities that have completed the testing phase of RBI’s regulatory sandbox.

Founded in 2017, OPEN offers a neo-banking platform that brings together all the tools used by small businesses and integrates it with the business current account. OPEN also launched Zwitch which is Asia’s first end-to-end embedded finance platform that enables fintechs and non-fintechs to launch their own digital banking services and BankingStack which is a cloud native financial OS that enables banks and financial institutions to launch fintech like digital banking solutions in a matter of weeks.

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OPEN Digital Banking reserve bank of india