Open gets RBI nod for payment aggregator licence

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Neobanking platform Open is the latest fintech firm to have received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, the company said in a statement on Monday.

It receives approval from the central bank, joining companies like Infibeam, Innoviti, Razorpay, MSwipe, Stripe, Pine Labs, and others. Following the completion of the testing phase of the second cohort under the RBI’s regulatory sandbox, Open also received approval from the RBI earlier this year for its new cross-border payments product. All payment gateways are required to obtain a licence in order to acquire merchants and provide them with payment services, according to the payment aggregator framework that the RBI released in March 2020.

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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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Open gets RBI nod for payment aggregator licence

Neobanking platform Open is the latest fintech firm to have received in-principle approval from the Reserve Bank of India (RBI) to operate as a payment aggregator, the company said in a statement on Monday.

It receives approval from the central bank, joining companies like Infibeam, Innoviti, Razorpay, MSwipe, Stripe, Pine Labs, and others. Following the completion of the testing phase of the second cohort under the RBI’s regulatory sandbox, Open also received approval from the RBI earlier this year for its new cross-border payments product. All payment gateways are required to obtain a licence in order to acquire merchants and provide them with payment services, according to the payment aggregator framework that the RBI released in March 2020.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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