Decentro unveils two innovative modes for bank account verification - Elets BFSI
  • Home
  • Latest Posting
    • Government Reforms
      • DBT
      • Aadhaar
      • GST
    • Payments
      • Payment Gateways
      • ATM
      • Point of Sale
      • Payment Wallets
      • Fintech Apps
    • Banks
      • Public Sector
      • Private Sector
      • Cooperative
    • NBFCs
    • Year Ender
    • Interview
    • Articles
  • Magazines
    • Latest Magazines
    • Magazine Subscription
  • Newsletter
    • Newsletters Archive
  • Events
  • Webinars
  • Video Series
    • Innovation Talk
    • Fintech Dialogue
  • Advertise with us
  • Upcoming Initiatives
  • Contact Us
Search
  • About Us
  • Advertise With Us
  • Write For Us
  • Magazine Subscription
  • Conference Reports
  • Privacy Policy
  • Contact Us
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
Elets BFSI
  • Home
  • Latest Posting
    • Government Reforms
      • DBT
      • Aadhaar
      • GST
    • Payments
      • Payment Gateways
      • ATM
      • Point of Sale
      • Payment Wallets
      • Fintech Apps
    • Banks
      • Public Sector
      • Private Sector
      • Cooperative
    • NBFCs
    • Year Ender
    • Interview
    • Articles
  • Magazines
    • Latest Magazines
    • Magazine Subscription
  • Newsletter
    • Newsletters Archive
  • Events
  • Webinars
  • Video Series
    • Innovation Talk
    • Fintech Dialogue
  • Advertise with us
  • Upcoming Initiatives
  • Contact Us
Home News Decentro unveils two innovative modes for bank account verification
  • News

Decentro unveils two innovative modes for bank account verification

By
BFSI Network
-
January 4, 2024
Facebook
Twitter
WhatsApp
Linkedin
    Decentro

    Decentro, India’s top Banking-as-a-Service firm, announced the availability of its Penniless Bank Account Verification (BAV) API. It assists firms to save around 5-10 man hours and close to Rs. 50 – 75 every onboarding of a new consumer or merchant, making it one of the first startups to debut such a solution.

    In contrast to the penny drop BAV process, the first way of Penniless BAV allows a company to obtain the name of a bank account holder or the condition of the account using only the bank account number and no nominal financial activity. While penny-drop BAV provided considerable efficiency and security benefits over human verification, it still fails in many circumstances, such as when an incorrect IFSC number is entered or the bank has merged with another bank.

    This is mostly due to the fact that penny drop verification entails sending an actual Re. 1 (or penny) from the source account to the destination for verification, and any issue during this complete flow results in a failure. Furthermore, for businesses that handle recurring payments and large-scale transactions, penny-drop verification raises the possibility of unnecessarily sending funds to a bogus account. Penniless verification addresses these issues by removing the flow of money, ensuring a success rate of more than 99% (according to the company’s benchmarks), and reducing customer onboarding time even further.

    The second product, named Reverse Penny Drop or Penny Pull Verification, asks the user to make a Re. 1 payment (via UPI) rather than asking for the full account details and then depositing the Re. 1 (penny) as in the old methods. The intriguing element is that it is simply like making a standard UPI payment online for a user, and he does not need to remember any of his extensive bank account details at any time. After a successful Re. 1 UPI payment, the aggregator / financial firm can obtain 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. This has helped us gain an airtight reputation in becoming one of the first banking infrastructure companies to launch a penniless verification module, which has a large potential to reduce costs for enterprises and make their financial flows safer.”

    Also Read | Decentro integrates with SME platforms to help MSMEs with access to financial services

    With only 30+ financial institutions in India implementing these innovative penniless & reverse penny drop-based verification systems, the potential for such a technology is enormous. Decentro’s superior technology and end-to-end technology stack, which has the capacity to deliver the fastest verification process in the most secure manner, aspires to capture the majority share of the market.

    Notable participants in the BFSI and fintech area, such as Uni Cards, MoneyTap, CashE, Potlee, CreditFair, and others, have built their platforms and journeys on top of the modular Decentro platform. These two new and innovative products have already increased the overall success percentage of Decentro’s bank account verification API suite to more than 99.4% in the market.

    "Exciting news! Elets technomedia is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

    Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

    Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.

    • TAGS
    • API
    • Bank Account Verification (BAV)
    • banking
    • Decentro
    Facebook
    Twitter
    WhatsApp
    Linkedin
      Previous articleZuno General Insurance launches Zuno HealthPlus Policy for customisable Health Insurance plan
      Next articleSentinelOne to acquire PingSafe to boost Cloud Security Portfolio
      BFSI Network

      RELATED ARTICLESMORE FROM AUTHOR

      PaySprint

      PaySprint Secures $3 Million Series A Funding to Drive Business Banking Innovation in India

      Kotak Mahindra Bank

      Surajit Deb Appointed as President and Chief Technology Officer for Group Subsidiaries and Private Bank at Kotak Mahindra Bank

      RBI

      RBI infuses ₹5 Lakh Crore into Banking System

      Eurobank, LTIMindtree

      Eurobank partners with LTIMindtree to elevate banking operations and IT services

      Decentro

      Decentro Unveils India’s First Self-Hosted CKYC Solution to Align with CERSAI’s New Compliance Mandate

      Rajkamal Vempati

      MABFSi & Axis Bank Launches Women-Exclusive Young Bankers Cohort to Drive Gender Inclusion in Banking

      Popular

      NBFCs Ranking

      India’s Top 50 NBFCs Ranking 2017

      October 17, 2017
      SBI

      SBI Recruitment 2019: Apply for Specialist Officers

      May 27, 2019
      NBFC in India 2020

      India’s Top 50 NBFCs’ Ranking 2020

      July 17, 2020
      Forbes

      Forbes releases ‘The World’s Best Banks 2019’, ten Indian banks in...

      March 6, 2019

      Small Finance Banks: Transforming Banking in India

      February 27, 2017
      Airtel

      Airtel partners HPCL for e-payments in Telangana, Andhra

      October 17, 2017
      Demonetisation

      Demonetisation – A Defining Moment For India

      March 4, 2017

      Govt deactivates 11 lakh PAN: Find out how to check your...

      August 8, 2017
       

      For Latest Updates

      Sign in into your account

      For continuing, Please agree our Terms & Conditions and acknowledge our Privacy Policy. This same account can be used across all Elets News portals.

      whatsapp--v1 JOIN US
      whatsapp--v1
      The Banking & Finance Post, a bi-monthly magazine published by Elets Technomedia Pvt Ltd, prides itself in spotting and highlighting key trends in the BFSI sector.
      Top Category
      • News5803
      • Article1035
      • Banks679
      • Interview605
      • Press Release358
      • Magazine285
      Latest Updates
       
       

      RSS Elets BFSI

      • Finance Minister Nirmala Sitharaman Reviews Innovative Fintech Solutions at Pine Labs
      • Jio BlackRock Asset Management Receives SEBI Approval to Launch Mutual Fund Operations in India
      • Raman Aggarwal Takes Charge as CEO of Finance Industry Development Council (FIDC)
      • Zype Welcomes Parvaiz Hussain as Chief Growth Officer
      • IIFL Finance Secures RBI Approval to Expand Banking Footprint in Jammu & Kashmir

      Advertise with Us
       
       

      Advertising with The Banking & Finance Post, a unique opportunity to reach a huge global audience in the BFSI domain, we assure to present your brand’s message in a bigger and more beautiful way than any other platform.

      Get a quote

      Elets Upcoming Conferences
       
       

      9th Elets BFSI CXO Summit & Awards, Mumbai
      World Fintech Summit 2025 | Fintech Fest Bangalore
      Contact Us
       
       
       
      Elets Technomedia Pvt. Ltd.

      India Office: Stellar IT Park, Office No. 7A/7B, 5th Floor, Tower – 2 Annexe Building, C-25, Sector – 62, Noida, Uttar Pradesh – 201309, India
      Dubai Address: HD06C , 1st Floor, Dubai Internet city , Dubai

      • About Us
      • Advertise With Us
      • Write For Us
      • Magazine Subscription
      • Conference Reports
      • Privacy Policy
      • Contact Us
      © 2024 All rights reserved | Elets Technomedia Pvt Ltd