Xflow is Fully Authorized as a Payment Aggregator Cross Border (PA-CB) by the RBI

Xflow is authorised by the Reserve Bank of India (RBI) to operate as a Payment Aggregator - Cross Border, facilitating both inward  and outward transactions (PA-CB). This authorisation is the most comprehensive cross-border payments licence available to non-bank entities in India. This is the highest level of regulatory trust an entity can hold in India's cross-border payments ecosystem.

Until 2023, cross-border payment entities in India operated under the RBI's OPGSP framework. That changed with circular RBI/2023-24/80, which brought entities facilitating import and export payment transactions under direct RBI regulation for the first time. In September 2025, the RBI further consolidated this into the Master Direction on Regulation of Payment Aggregators, 2025, creating a unified framework covering Online (PA-O), Physical (PA-P), and Cross-Border (PA-CB) Payment Aggregators. Under this framework, all non-bank entities are required to obtain RBI authorisation to operate.

The authorization process is pretty rigorous. Entities must register with the Financial Intelligence Unit - India (FIU-IND), submit detailed information relating to their corporate structure, business model, governance framework, p payment flow architecture, technology systems and financial positions , and comply with RBI-prescribed due diligence and audit requirements, including submission of aSystem Audit Report before receiving final authorisation . The promoters and directors must also satisfy the RBI’s “fit and proper” criteria, which assesses factors such as integrity, reputation, financial soundness, and absence of adverse regulatory or criminal findings.

Additionally, non-bank payment aggregators which includes PA-CBs are also subject to minimum net worth requirements. Specifically, they  are required to maintain a minimum net worth of ₹15 crore at the time of application, which must be increased to ₹25 crore by the end of the third year from the grant of authorisation.

The process has two stages: an in-principle approval (IPA) followed by final authorization upon satisfaction of the RBI’s prescribed conditions and compliance requirements. Final authorization represents the last stage of the regulatory approval process and only a limited number of entities  have received it so far.

Xflow is authorized to operate as a Payment Aggregator - Cross Border, facilitating inward and outwards transactions.  This authorisation enables Xflow to serve both overseas merchants accepting payments from Indian importers and Indian exporters collecting payments from overseas buyers.

In practice, this means Xflow can facilitate export and import-related cross-border payment flows through Inward Collection Accounts (InCA) and Outward Collection Accounts (OCA) maintained with scheduled commercial banks, manage cross-border payment flows, and process transactions within a fully regulated structure.

Xflow currently serves over 10,000 businesses, helping them move money globally in a way that is simple, compliant, and built for scale.

When a business chooses Xflow as its cross-border payments partner, it is working with an RBI-authorized PA-CB entity. This matters for a few reasons.

First, compliance assurance. Businesses do not need to worry about whether their payments provider is operating within regulatory bounds. Xflow is.

Second, full coverage. With PA-CBauthorization, Xflow can handle both export collections and import payments under one platform, eliminating the need to work with separate providers for each direction of money movement.

Third, trust. In a space where licensing and regulatory standing are increasingly scrutinized, working with a fully authorized PA-CB is a signal that your payments infrastructure is built on solid ground.

Xflow was founded in 2021 by Anand Balaji, Ashwin Bhatnagar, and Abhijit Chandrasekaran. We are headquartered in Bengaluru and have raised $16.2 million in funding, backed by Lightspeed, General Catalyst, Stripe, and PayPal.

Reaching final PA-CB authorization was a company-wide effort, spanning legal, compliance, risk, engineering, operations, and partnerships. It reflects our commitment to building cross-border payment infrastructure that is not only modern and efficient, but also fully compliant and built for the long term.