New Delhi: Decentro, a leading Banking-As-A-Service startup in India, has introduced its Penniless Bank Account Verification (BAV) API. The product aims to save enterprises 5-10 man-hours and Rs. 50-75 per onboarding of every new consumer or merchant.
The Penniless BAV offers two distinct methods. The first method allows enterprises to obtain the name of a bank account holder or the account status solely based on the bank account number, eliminating the need for nominal financial transactions. In contrast to traditional penny-drop BAV, this approach addresses issues such as incorrect IFSC codes or bank mergers, resulting in a success rate exceeding 99%, according to the company’s benchmarks.
The second product, Reverse Penny Drop or Penny Pull Verification, streamlines the process by prompting users to make a Re. 1 payment via UPI instead of providing full account details. Upon successful payment, the user receives verified bank account details and the registered name directly from the banking ecosystem in the API response. The introduction of these two innovative offerings has elevated the overall success rate of Decentro’s bank account verification API suite to over 99.4%.
With just over 30 financial institutions currently adopting these penniless and reverse penny drop-based verification processes in India, Decentro aims to dominate the market by leveraging its superior technology and end-to-end technology stack. The platform has already garnered success with notable players in the BFSI & fintech space, including Uni Cards, MoneyTap, CashE, Potlee, CreditFair, and others.
Bhavik Davda, VP of CreditWise Capital, praised Decentro’s bank account verification module, stating, “Decentro’s APIs helped CreditWise Capital’s Twin2 with KYC and banking prowess. This lets us get the job done for both ID collection & verification and Bank Account Validation seamlessly. The way Twin2 can now collect information seamlessly from the user is amazing.”
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