Cross border transactions was the second cohort of regulatory sandbox by RBI to test and innovate products for cross border transactions.
The Reserve Bank of India on December 16 had announced the second cohort of regulatory sandbox to innovate products for cross-border innovation.
The central bank had received 27 application from 26 entities of which eight entities were selected for the test phase. These entities (below mentioned with use-case) will commence testing of their product from the third week of September 2021.
- Book My Forex Private Limited – The product facilitates fully online outward cross-border remittances to bank accounts and debit/ prepaid cards overseas using VISA Direct and Master Card Send via digitisation of the process including digital KYC/ AML verification.
- Cashfree Payments India Private Limited – The product extends a cross-border payment platform to facilitates the purchase of assets listed on foreign exchanges (e.g NASDAQ) like publicly listed shares, exchange-traded funds i.e. ETFs and units of mutual funds, securities by Indian investors via local payment methods.
- Fairex Solutions Private Limited – The product provides an aggregation platform of leading cross-border payment providers for outward remittance.
- Flyremit Private Limited – The product is an online outward cross-border remittance platform for individuals as well as for businesses and facilitates digitization of the remittance process including digital KYC verification.
- Nearby Technologies Private Limited – The product ‘Paynearby’ facilitates routing the inward cross-border remittance to the beneficiary’s Aadhaar number as a virtual bank account using existing RDA mechanism.
- Open Financial Technologies Private Limited – The product proposes a Blockchain-based Cross border payment system, leveraging the current infrastructure and ensures frictionless and tamperproof monitoring capabilities.
- SoCash India Private Limited: The product is primarily aimed at inbound and outbound tourists to/from India to facilitate cross-border retail merchant payments and cash withdrawal at select merchant outlets in India and Singapore.
- Wall Street Finance Limited – The product ‘WSFx SecuSmart REMIT’ facilitates contactless outward cross-border remittances with digital customer onboarding and remittance processing through a complete digital process.