Cashfree achieves key ISO certification, takes significant steps towards data security

BANGALORE, India, Aug. 16, 2021 /PRNewswire/ -- Leading digital payments and banking technology company, Cashfree announced today that it has attained ISO/IEC 27001:2013 certification for its Information Security Management System (ISMS). ISO/IEC 27001:2013 (also known as ISO27001) is a highly regarded international standard that defines a management system for information security. The accreditation validates Cashfree's commitment to using best practices in information security in accordance with global standards. In addition, Cashfree holds the PCI-DSS v3.2.1 certification in compliance with the PCI regulations and maintaining a secure environment for credit card transactions. By following these standards, businesses ensure the security and protection of the data provided by cardholders and transmitted through card processing transactions.

Akash Sinha, CEO and Co-Founder, Cashfree said, "We are happy to have obtained the ISO certification along with PCI-DSS v3.2.1. Data Security should be the top priority of any business looking for a payment platform. Every business has its own specifications for functionality, however, security assurance is a crucial factor in choosing a payment platform. Cashfree's top priority as a company has always been the security of its merchants and users. As digital adoption accelerates, the threat of cybercrime increases. We monitor payments very frequently, both pay-ins and pay-outs, and use technology to a greater extent to accelerate the process of risk evaluation. With our ISO/IEC 27001:2013 certification and PCI-DSS compliance, our customers can be doubly confident in our information security and safety." 

In the era of exponential growth in digital transactions, secure data storage is key for payment platforms. Cashfree is currently developing proprietary AI to enhance its fraud mitigation and cybersecurity systems. Cashfree's AI-driven risk and fraud prevention system analyzes 100+ payment parameters in seconds to determine whether to approve or decline a transaction. 

With over 50% market share among payment processors, Cashfree today leads the way in bulk disbursals in India with Cashfree Payouts. Recently, India's largest lender, SBI invested in Cashfree underscoring the company's role in building a robust payments ecosystem. Cashfree works closely with all leading banks to build the core payments and banking infrastructure that powers the company's products and is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.

About Cashfree:

Cashfree is a leading payment and API banking solutions company. It provides full-stack payments solutions enabling businesses in India to collect payments and make payouts via all available methods with simple integration. Cashfree's offerings include an advanced and easy way to integrate payment gateway, a split payment solution for marketplaces, bank account verification API and Auto Collect -- a virtual account solution to match inbound payments to customers. Founded by IIIT Hyderabad alumnus Akash Sinha and IIT Kharagpur graduate Reeju Datta, www.cashfree.com is among the leading payment service providers in India processing transactions worth USD 20 Billion annually. It has leveraged technology to lead payment disbursals in India with more than 50% market share among payment processors. Cashfree enables more than 1,00,000 businesses with payment collections, vendor payouts, wage payouts, bulk refunds, expense reimbursements, loyalty and rewards. Apart from India, Cashfree's products are used in eight other countries including the USA, Canada and UAE. Cashfree is backed by Silicon Valley investor Y Combinator, Apis Partners, State Bank of India (SBI) and was incubated by PayPal.

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