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| Image for representation only |
In simple words, any company with a very lean tech team and minimal capital, can leverage plug-and-play API modules as well as their partner no-code platforms to launch products in a matter of days. Moreover, Decentro’s platform enables these companies to reduce manual entry, automate money flows, and solve for multiple complex scenarios like KYC & Onboarding, Multi-party collections, money disbursement, Connected Banking, and launching co-branded cards.
The stage is set for Decentro to unlock new opportunities in the buzzing fintech market. In an interview
with IndianWeb2.com, Gautam Mahesh, Director - Products, Decentro, said that there's an ever increasing demand for extremely simple & easy to use collections of API banking in the market among both mature companies as well as fast growing startups.
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| Gautam Mahesh |
"Businesses go through a tedious process to incorporate financial services, and more than often, many business owners either have to drop their launch midway, or settle with mediocre solutions that bring up new headaches each passing day. Our easy-to-consume banking and financial APIs coupled along with a no-code platform like Quickwork even lets small businesses achieve the highest level of automation," Gautam said.
It wasn’t an easy ride to bring together a team and set up Decentro. The pandemic coupled with lockdown restrictions had devastating effects on businesses around the globe. The new normal of staying at home clearly gave signs that the offline economy would be severely impacted. Rohit realised the onus of shaping the banking and financial future would be on digital companies who leverage software and automation as much as possible.
"The time has never been more apt for businesses & institutions to consider opting for a digital-first approach. Most companies out there face numerous difficulties while integrating with legacy banking systems. With Decentro, companies can save more than 10X time and cost (both capital as well as operational expenditure) in banking integrations and focus on their core USPs and go-to-market strategies," Rohit told IndianWeb2..com.
While Decentro wanted to capitalize on the increasing digital infrastructure, it couldn’t ignore the importance of safeguarding these digital solutions from cyber attacks.
Rohit suggested the need to take action in revamping digital infrastructure for financial services using API integrations. “For example, our CKYC banking APIs for businesses can help automate the entire process and at the same time keep a strong check & watch on fraudulent users coming into their systems," he explained.
CKYC is one the products that Decentro offers to safeguard consumer interest and drive automation.
For instance, the platform recently partnered with ICICI bank to provide plug and play business banking APIs to fintech, startups, and corporates alike. Rohit says the platform has a multi-bank-supported architecture that empowers customers to operate uninterrupted and shed all worries about downtime, which is one of its strongest points from a technology perspective.
Decentro’s customer base has increased by 5X already since Q1 of this year and is now working on going deeper into different categories to increase the base further. "We are working to launch a new module to enable companies to embed deeper and fully customisable lending & credit workflows into their products," the Founder & CEO added.
It is also looking to increase its workforce and strengthen its advisory council to help achieve these goals in the current fiscal year.
Ride to a Digital Future
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| Rohit Taneja |
Rohit Taneja, an IIT Delhi alumnus, founded Decentro in April 2020 to empower businesses with a robust, reliable, and cost-effective banking infrastructure to prepare for the inevitable digital-first financial future. Decentro offers several modular products such as KYC & Onboarding, Banking as a service, Lending, Cards, and Payments. It also takes care of upcoming fixes, underlying iterations, and automatic updates without breaking any flow at any point in time.
It wasn’t an easy ride to bring together a team and set up Decentro. The pandemic coupled with lockdown restrictions had devastating effects on businesses around the globe. The new normal of staying at home clearly gave signs that the offline economy would be severely impacted. Rohit realised the onus of shaping the banking and financial future would be on digital companies who leverage software and automation as much as possible.
"The time has never been more apt for businesses & institutions to consider opting for a digital-first approach. Most companies out there face numerous difficulties while integrating with legacy banking systems. With Decentro, companies can save more than 10X time and cost (both capital as well as operational expenditure) in banking integrations and focus on their core USPs and go-to-market strategies," Rohit told IndianWeb2..com.
While Decentro wanted to capitalize on the increasing digital infrastructure, it couldn’t ignore the importance of safeguarding these digital solutions from cyber attacks.
The rising cybercrimes and Decentro’s take
There’s no doubt that 2020 was the year of digital growth. However, it was also the year when cybercrimes reached its peak. The National Cyber Crime Reporting Portal, which was launched in August 2019, registered over 3.17 lakh complaints in 18 months since inception, according to Union Minister of State for Home G Kishan Reddy. Moreover, there was a significant increase in the number of KYC frauds in the country that led SBI to issue a warning against such frauds.The pandemic did provide the necessary boost for digital payments & PPIs, but cases related to online scams & KYC fraud also increased. We realised the need to empower companies with solutions that can keep their consumer data secure, Rohit said.
Rohit suggested the need to take action in revamping digital infrastructure for financial services using API integrations. “For example, our CKYC banking APIs for businesses can help automate the entire process and at the same time keep a strong check & watch on fraudulent users coming into their systems," he explained.
CKYC is one the products that Decentro offers to safeguard consumer interest and drive automation.
The growth and the future ahead
In the past year, Decentro has won the trust of many businesses as well as banks. It has tied up with four major private banks in India to offer 10X faster go-to-market timelines and reduce overall expenditure by more than 90%.For instance, the platform recently partnered with ICICI bank to provide plug and play business banking APIs to fintech, startups, and corporates alike. Rohit says the platform has a multi-bank-supported architecture that empowers customers to operate uninterrupted and shed all worries about downtime, which is one of its strongest points from a technology perspective.
Decentro’s customer base has increased by 5X already since Q1 of this year and is now working on going deeper into different categories to increase the base further. "We are working to launch a new module to enable companies to embed deeper and fully customisable lending & credit workflows into their products," the Founder & CEO added.
It is also looking to increase its workforce and strengthen its advisory council to help achieve these goals in the current fiscal year.
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