Open, Cashfree Payments, PayNearby & Fairexpay Receive RBI Nod For Cross-Border Payments

Open, Cashfree Payments, PayNearby & Fairexpay Receive RBI Nod For Cross-Border Payments

SUMMARY

The entities include neobanking unicorn Open, along with Cashfree Payments, PayNearby and Fairexpay

These entities can now provide their cross-border payment solutions to regulated entities such as banks and NBFCs

RBI has launched three cohorts for developing fintech solutions since November 2019

The Reserve Bank of India (RBI) has announced the exit of its Second Cohort under the Regulatory Sandbox with cross-border payments as the theme. Four entities out of the eight that were part of the ‘Test Phase’ were selected by the reserve bank.

The entities include neobanking unicorn Open, along with Cashfree Payments, PayNearby and Fairexpay. All of these entities completed the ‘Test Phase’ of the second cohort.

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