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INDmoney launches UPI-based instant withdrawals for traders

Money management startup INDmoney has launched instant withdrawals via UPI for Indian stock investors, allowing traders to withdraw funds to their savings account instantly, even while trading on the same day. 

The feature allows investors to withdraw their money of up to Rs 1 Lakh on the same day, which is crucial as stock brokers usually process client withdrawals after markets are closed and settlements are completed, a process that takes over 24 hours.

The service is currently available from 8 AM to 5 PM on trading days. Over the coming months, the company plans to extend this service to operate 24×7.

Cashfree Payment’s fraud prevention offering crosses 100 Cr+ verifications, prevents fraud worth Rs 50 Cr

Enterprise API Payments app Cashfree Payments‘ Secure ID, a fraud prevention and identity verification tool, has crossed 100Cr+ verifications and has prevented fraud worth over Rs 50 crore for businesses.

Secure ID offers data-driven risk assessments to support informed decision-making and monitor potential risks throughout the user’s journey.Through this, the company has consolidated all its verification offerings into a single suite, boosting operational efficiency. This includes Aadhaar, PAN, DL, Voter ID, Passport verifications, Face Match, Liveness Detection, GeoLocation Check, Bank Account, and UPI ID verifications. 

“It includes NLP-based OCR, selfie verification with liveliness checks, and device intelligence. By integrating AI and ML, Secure ID provides sophisticated features such as bank statement analysis and risk scoring, delivering resilient and adaptive solutions tailored to diverse industry requirements,” noted Ramkumar Venkatesan, CTO, Cashfree Payments.

The offering is used by Kotak Life Insurance, Bajaj Finance, Tata AIG, Cred, BookMyForex, Meesho, and Acko General Insurance Limited.

Sharad Agarwal to head Sify Infinit Spaces 

US-listed Sify Technologies on Thursday appointed Sharad Agarwal as the Chief Executive Officer of its unit, Sify Infinit Spaces. 

Prior to this role, Agarwal worked at Vantage, building their data centers. Before that, he finished a long stint at Amazon Web Services where he was responsible for capacity delivery in the APAC region.

“My mandate is to maximize Sify’s potential across the entire ICT value chain by focusing on strategic growth and operational efficiency and by delivering cutting-edge solutions and unparalleled value to our clients and stakeholders,” Agarwal said in a press note.

(This article will be updated with the latest news throughout the day.)