PaySprint: The API banking fintech that’s helping neobanks gets started

PaySprint is a next-gen API banking FinTech company that offers developers the ability to build a vast number of use cases by leveraging its APIs. In an interview with Bizz Buzz, S Anand, CEO and Co-Founder of PaySprint, discusses the company’s mission, the impact of emerging technologies on the fintech industry, and the future of financial inclusion in India.

“We are not a neobank ourselves, but we help neobanks set up shop using our products. We believe that financial inclusion is essential for economic growth, and we are committed to making financial services more accessible to everyone, regardless of their location or income level. We do this by providing a platform that allows developers to build innovative financial solutions that can be easily deployed to underserved populations,” he said.

Tell us about PaySprint and its offerings, can we call PaySprint a new-age neobank?

PaySprint is a next-gen API banking FinTech company that offers developers the ability to build a vast number of use cases by leveraging our APIs and these solutions are deployed by entrepreneurs, startups, banking partners, NBFCs, MSMEs and enterprises. Additionally, we have created a unified open API platform to seamlessly bring all APIs together on a single, comprehensive dashboard. While we’re not a NeoBank ourselves, we help NeoBanks set up shop, using our products.

PaySprint is a one-stop-solution for all your banking, financial and verification API needs. Currently, we’re building one of the world's largest financial and verification API stack. Our newest launch is a comprehensive no-code document verification named SprintVerify, designed to greatly ease the otherwise tedious process of verifying and onboarding.

We boast a product list of over 80 APIs across a multitude of segments such as banking, verification, insurance, lending, investment and travel. Our unified open API platform seamlessly aggregates multiple APIs in the same software category and acts as a point of integration for the same, connecting different systems together. This platform simplifies the time and effort-consuming task of integrating several APIs, providing a novel ease of executing and ensuring maximum customer satisfaction.

How do PaySprint’s partners add value to end consumers’ financial lives?

PaySprint provides a plethora of financial functionalities to end consumers. To name a few, we enable them to send money home from anywhere and with ease. We even get their savings and current account opened so that they can perform all the important banking functions. We enable convenient cash withdrawals and deposits as end consumers can carry out these transactions at their nearest PaySprint Partners’ retailer outlet, as opposed to visiting physical bank branches. This is especially advantageous for people residing in areas that banks haven’t fully penetrated yet. We give people the ability to pay off a myriad of bills such as credit cards, FasTag, utility, gas and water bills, with ease. They can also file their GST, municipality and direct tax payments on our platform, along with paying their LIC premiums too. PaySprint facilitates solid savings strategies for end consumers through digital gold issuance and flexible P2P investment plans.

Can you explain the process of becoming a PaySprint API partner, how long does it take and what are the documents needed?

PaySprint believes in zero manual intervention in the onboarding process. To implement this ideal, we have created an AI driven online self-onboarding portal to automate the process for new partners. The portal is designed to complete a thorough verification and then onboard a new partner in 10 minutes, provided they have the necessary documents ready. It starts the partner off with a simple sign-up using their email address and mobile number.

What is PaySprint's USP? Share some unique features that stand out for a potential partner?

PaySprint delivers critical advantages over its competitors' products across the lifespan of its usage. The primary perk is our unified open API platform which gives rise to a whole host of benefits, namely

Comprehensive Analytical Dashboard: We provide a comprehensive analytical admin dashboard that helps partners track their business and keep an eye on all their operations activity.

Ease of onboarding and integration: We collaborate with multiple banks and fintech firms to provide simple-to-integrate APIs for seamless functionality. This facilitates the easy onboarding of partners onto the platform through just the full partner KYC and business identification system verification.

A range of services on one dashboard: We make all digital banking solutions available on a single platform, which helps our partners manage their activities more effectively.

Choose your preferred bank service: Since our competitors in the market have limited banking options, customers are unable to select their preferred bank. PaySprint, on the other hand, provides its partners with a wide variety of bank options enabling them to select their favoured bank.

Working as an aggregator for all services: Our market competitors don’t have various operators available for a single service. Whereas, we have a large collection of operators that we can aggregate for any of our services. If a process fails due to an operator, the customer can proceed with the process through another operator.

How is PaySprint furthering the cause of Financial Inclusion in India?

Incumbents have now realised that in order to extend banking solutions beyond their own channels, geared towards achieving true Financial Inclusion, a strong partnership with fintechs through APIs is crucial. PaySprint’s innovation will greatly simplify Digital Banking as a whole. The dawn of APIs in banking has revolutionised how financial operations are carried out. The underlying need fuelling the shift to API-led Banking is to penetrate remote areas of the country to make these services more accessible. API banking holds the key to spur innovation & diminish costs such that serving the underbanked and unbanked is significantly more economical. This gives rise to products and services better suited to their needs, improving customer experience & the liquidity decision-making of the customer. To people living in tier 2 & tier 3 cities with physical, social constraints towards traditional banking, PaySprint’s services provide a convenient alternative. We enable them to carry out important tasks like Account creation, Cash deposits & withdrawals, Fund transfer through our partners’ retailers who are easily accessible to them and are present across the entire nation. This makes their financial lives much easier which in turn leads to a better overall life experience.

What emerging technologies do you believe will have the biggest impact on the financial technology industry?

The list of emerging technologies that are expected to have a sizable impact on the fintech industry in the coming years, is long. We’ve narrowed the list down to the technologies we feel will lead the pack:

Quantum computing: Quantum computing has the potential to revolutionise financial modelling & risk management by enabling faster and more accurate calculations.

Internet of Things (IoT): IoT devices can collect and transmit vast amounts of data, which can be analysed by AI and ML algorithms to improve customer insights and financial decision-making. 5G networks: 5G networks can enable faster and more reliable connectivity, which can improve mobile banking and payment services.

Augmented Reality (AR) and Virtual Reality (VR): AR and VR technologies can enhance the customer experience by providing immersive financial education and personalised investment advice.

Biometrics: Biometric authentication technologies, such as facial recognition and fingerprint scanning, can provide more secure and convenient access to financial services.

Robotic Process Automation (RPA): RPA can automate repetitive tasks and reduce costs for financial institutions.

Distributed Ledger Technology (DLT): DLT, including blockchain technology, can improve the security, transparency, and efficiency of financial transactions.