Launch of payment solutions and banking APIs Cashless payments presents a tool that Indian companies can use for real-time Supplier and Partner Tax Identification Number (GSTIN) verification.
GSTIN Verification is offered as part of the Cashless Payments Verification Suite which includes authentication of bank accounts, Aadhaar numbers, Permanent Account Numbers (PANs), Unified Payment Interfaces (UPIs) and Indian financial system (IFSC).
The new feature validates the unique 15-digit GSTIN number with detailed information in real time, which can help reduce the risk of fraud by verifying identification data. The verification solution can be used by many industries, including e-commerce marketplaces, B2B resellers, insurers and others, according to a press release emailed to PYMNTS on Thursday, July 28.
See also: Low-code ‘Legos’ help Indian businesses increase cross-border payments
The tool uses Verification Suite’s synchronous Application Programming Interface (API) and can confirm the identity of the end user in real time using the entered GSTIN number. Company registration type, legal name, registered office address and GSTIN status are also checked.
Akash SinhaCEO and co-founder of Cashfree Payments, said the new feature makes “GSTIN verification simple, fast and error-free” and expands its suite of verification products “designed to make the user KYC [know your customer] and associated verification processes » streamlined and secure.
“The integration of GSTIN verification will greatly benefit businesses that require real-time supplier/partner verification. Our solutions are largely focused on making our merchants’ scanning journey efficient in a convenient, secure and cost-effective manner. Sinha said.
Read more: Cashfree Payments updates its Token Vault
Under the Goods and Services Tax (GST), all taxpayers are registered with a single authority. GSTIN “represents taxpayer authenticity,” according to the statement.
“In some cases, businesses can manipulate GST details to invade taxes. GSTIN’s KYC helps merchants achieve transparency in their business, ensure authenticity of GST declarations, correct any errors in GSTIN declaration and reduce fraud. »