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Decentro launches 2 innovative modes for bank account verification

By Gloria Methri

January 05, 2024

  • API Banking
  • Bank Account Verification
  • BAV
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Decentro, API Banking, Bank Account Verification, FinTech, IndiaDecentro, the India-based Banking-as-a-Service start-up, has launched its Penniless Bank Account Verification (BAV) API. One of the first companies to launch such a product, it aims to help enterprises save up to 10 man-hours and onboarding costs for every new consumer or merchant.

The first method of Penniless BAV allows an enterprise to obtain the name of an account holder or the status of the account, using only the bank account number.

The second product, called Reverse Penny Drop or Penny Pull Verification, asks the user to make a Re. 1 payment (via UPI) instead of asking for the full account details and then depositing the penny as per the old methods.

It is just like making a regular UPI payment online and doesn’t require the user to remember any of his bank account details at any time. Upon completing the payment successfully, the aggregator / financial entity can receive his verified bank account details as well as the actual registered name from the banking ecosystem in the API response itself.

Commenting on the launch of these new flows, Rohit Taneja, Founder & CEO, Decentro said, “Since our inception in 2020, we have been driven by a singular goal of building a robust financial infrastructure for Indian FinTechs and enterprises so that they can focus on innovation without having to spend their time sorting out the infrastructure. This has empowered us to find solutions and build products across the payments and banking value chain, giving us a significant advantage in having the most robust and safest data and financial flow ecosystem..”

An early user of the bank account verification module from Decentro – Bhavik Davda, VP of CreditWise Capital, said, “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. Hope to grow a long way with Decentro.”

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