OPEN, a digital banking enterprise, announced that it has received a go-ahead from the Reserve Bank of India (RBI) for its new cross-border payments product. This comes after OPEN completed the test phase of the second cohort under the RBI's regulatory sandbox structure themed cross-border payments. RBI, in its statement, described OPEN's product as a blockchain-based cross-border system, leveraging the current infrastructure and ensuring frictionless and tamperproof monitoring capabilities.
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"We were grateful to be selected for the second cohort of the RBI regulatory sandbox and the team at RBI have been really supportive in helping us successfully complete the trial. We now look forward to scaling the solution by working closely with banks to offer a suite of products for cross-border payments and trade finance which will benefit millions of SMEs in India," said Anish Achuthan, co-founder and CEO, OPEN Financial Technologies.
The company also launched embedded finance platform, Zwitch, that enables fintech and non-fintech companies to launch digital banking services, and BankingStack, a cloud-native fintech OS for financial institutions to launch innovative digital banking solutions. In 2021, OPEN acquired consumer neobanking platform Finin. It has also raised Series D fund and became the 100th unicorn from India, claimed by the company in a statement.
Founded in 2017, OPEN offers a neobanking platform that brings together all the tools used by small businesses and integrates it with the business current account.