Bank Verification

Overview

Decentro's validate bank account can be used for multiple use cases.

• Pre-disbursement check: validate a bank account before disbursing funds or setting up a NACH mandate to the beneficiary to avoid any operational overheads or bad experiences.
• Risk check: validate a bank account to check at the time of refunds or even payouts to ensure it belongs to them and avoid any misrepresentation.
• Account validation: validate a bank account and establish a relationship with a user on the platform to establish the source of funds in investment use cases.

Decentro provides the below capabilities to check if a bank account is valid or invalid.

• Penny drop: this allows any platform to use Decentro's capability to validate a bank account by doing a 1 INR payout to the beneficiary. This capability can be used to validate any bank account which has activated IMPS at their end is available with almost all banks in India.
• Pennyless: this allows any platform to use Decentro's capability to validate a bank account without any transfer to the beneficiary. This capability can be used to validate any bank account which has activated IMPS at their end and is available with most of the leading banks in India.
• Bulk Validate Bank Account: this allows any platform to use Decentro's capability to validate a bank account by doing a 1 INR payout to the beneficiary in bulk without having to integrate APIs. This capability can be used to validate multiple bank accounts through a simple excel sheet.

Decentro's stack has 2 core APIs here.

• Validate bank account: this API allows a platform to undertake a penny drop or a penniless verification real-time or use it without integration.
• Bulk Validate Bank Account: this API allows a platform to undertake a penny drop or a penniless verification in bulk without having to integrate.

👨‍💻

Simulation Data

Validate bank account scenarios can be simulated basis of the test data here.

Note: Decentro provides a sandbox for testing all the scenarios.

Decentro's platform is designed in a way that any platform that uses its payouts capabilities can use the bank account validation capabilities with the same commissions or funds. Please reach out to us at [email protected] if you are our existing customer.