Validate Bank Account (Hybrid)

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 experience.
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.

This capability allows you to automatically validate a bank account where Decentro will perform the validation of penniless method first and if there is no response from penniless, we will perform the validation in penny drop in a synchronous manner.

Below are some of the major benefits of using this capability.

Real-time validation: get instant status of the bank account validation without having to verify offline.
Account details: get to know whom the account belongs to and if its active.
Super-fast validation: get your response in near-real-time on most of the major banks in India.
Better Response : A hybrid approach enhances penniless flow utilization by implementing a fallback penny drop mechanism, ensuring a higher success rate and improved reliability.

Link to Validate Bank Account API

Decentro's validate bank account (hybrid) service works as below.

Master virtual account: configure the master virtual account provided by Decentro to load the funds which will hold the amount to be transferred as well as commissions (optional) once you close the commercials.
Account funding: fund the account through NEFT, RTGS or IMPS into the above virtual account for the amount you want basis your transaction volumes.
Account validation: use the validate account API to validate bank accounts one at a time as an integration in your workflow.
Validation Type: The type must be selected as "Hybrid" in the validate account API