Following this announcement, the company aims to save up to 10 hours and onboarding costs for every new customer and merchant who chooses the work and leverage Decentro’s solutions.
The first method of Penniless Bank Account Verification (BAV) was developed in order to give clients and enterprises the possibility to obtain the name of an account holder or the overall status of the account. This is expected to take place by using only the bank account number.
The second product was called the Reverse Penny Drop or Penny Pull Verification, and it was designed in order to ask the customer to make a Re. 1 Payment by using a UPI instead of asking for the full account details, as well as depositing the penny as per the old methods.
Through the new Bank Account Verification models, Decentro aims to meet the needs, preferences, and demands of its customers by optimising their overall experience and making it more secure and efficient. The BAV methods will be used as a process of making a regular UPI credit online, but without requiring the customer to remember any of its bank account information at any time.
After the payment procedure is completed successfully, the aggregator or financial entity will be enabled to receive his verified bank account details, as well as the actual registered name from the banking ecosystem in the API response itself.
Decentro, a banking API integration platform for businesses and enterprises, will continue to provide its Banking-as-a-Service platform in order to enable customers to choose the right modules for their overall business, as well as test them in the company’s sandbox, and launch their products with APIs or SDKs.
In addition, the startup will continue to focus on building a robust financial infrastructure for Indian fintech, customers, and enterprises, in order for them to accelerate and improve their development process without having to spend time and funds sorting out their overall infrastructure. At the same time, the company is set to find more solutions and develop new products across the payments and banking value chain, as well as to optimise its data and financial flow ecosystem by making it more secure and comprehensive.
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