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Tag: Razorpay

  • Razorpay launches payment reconciliation service for buyers, sellers on ONDC

    Razorpay launches payment reconciliation service for buyers, sellers on ONDC

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    New Delhi: Full-stack fintech platform Razorpay on Thursday joined the government’s Open Network for Digital Commerce (ONDC) ecosystem by launching a payment reconciliation service for network participants (NPs) like buyers, sellers, and logistic partners.

    The move, said the company, will streamline the payment processes on ONDC, providing the users with an integrated single view of all their transactions.

    “I believe the possibilities the ONDC network provides are endless and I’m confident the Payment Reconciliation Service will only further strengthen the development of ONDC’s tech infrastructure and help the ecosystem grow seamlessly from a payments and compliance point of view,” said Shashank Kumar, Managing Director and Co-founder, Razorpay.

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    Through this solution, Razorpay will facilitate ease of transacting on ONDC by timely routing settlement information for a given transaction and assisting Network Participants (NPs) with settling funds.

    With an open network approach, where the buyers and sellers do not need to necessarily be on the same platform to be able to do a business transaction, ONDC will enable SMEs to access a larger buyer universe.

    “This is a significant step towards our goal of enabling seamless and secure digital commerce for everyone. With this addition, we continue to drive transparency and inclusion in the digital commerce space and we look forward to working with Razorpay towards achieving this vision,” said Thampy Koshy, CEO, ONDC.

    Razorpay is building its capabilities toward solving all things payments and business banking for over 10 million businesses, making it the go-to platform that enables exponential growth for Indian businesses of all kinds and sizes.

    Established in 2014 by alumni of IIT Roorkee, Shashank Kumar and Harshil Mathur, Razorpay is the second Indian company to be a part of Silicon Valley’s largest tech accelerator, Y Combinator.

    Investors such as Lone Pine Capital, Alkeon Capital, TCV, GIC, Tiger Global, Sequoia Capital India, Ribbit Capital, Matrix Partners, Salesforce Ventures, Y Combinator and MasterCard have invested a total of $741.5 million in the company.

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    ( With inputs from www.siasat.com )

  • Chinese loan app case: ED charge sheet against Razorpay

    Chinese loan app case: ED charge sheet against Razorpay

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    New Delhi: The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people.

    The federal probe agency said in a statement that the special Prevention of Money Laundering Act (PMLA) court based in Bengaluru has taken cognisance of the prosecution complaint (charge sheet).

    A total of seven entities and five individuals have been named as accused in the charge sheet.

    The accused entities include fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are “controlled” by the Chinese nationals and three non-banking financial companies (NBFCs) registered with RBI named X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private Limited.

    Payment gateway Razorpay Software Private Limited has also been named in the charge sheet as an accused, the probe agency said.

    Razorpay sources said the payment gateway has been a “facilitator” in investigations against suspicious Chinese companies.

    The platform has blocked all those suspicious entities and funds associated with them about one-and-half years ago and has shared their details with the ED on multiple occasions, Razorpay sources said.

    Being a regulated financial institution, Razorpay cooperates with law enforcement agencies and provides necessary merchant information to assist in the investigation process, they said.

    The money laundering case of the ED stems from multiple FIRs of the Bengaluru Police CID which were filed based on complaints received from various customers who had availed loans and “faced harassment” from the recovery agent of these money-lending companies.

    According to the ED, the probe found that fintech companies had “agreement with respective NBFCs for disbursement of loans through digital lending apps”.

    “The money-lending business was being illegally run by these fintech companies actually and these NBFCs knowingly let these firms use their names for the sake of getting commission without being careful about their conduct. The same is also a violation of the fair practices code of the Reserve Bank of India,” the agency said.

    The agency earlier had issued two provisional attachment orders to freeze Rs 77.25 crore worth funds kept in bank accounts and payment gateways which was later confirmed by the Adjudicating Authority of the PMLA.

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    ( With inputs from www.siasat.com )