These modules will help in streamlining recurring payments by simplifying workflows and reducing integration time
The Bengaluru-based company aims to help over 100 companies integrate these modules in the next three months
YES Bank has been roped in as the first partner bank of the current module
Fintech startup Decentro has rolled out two modules – eNACH (Electronic National Automated Clearing House) and UPI AutoPay – designed to simplify and streamline the recurring payments for businesses.
The Bengaluru-based company aims to help over 100 companies integrate these modules in the next three months. YES Bank has been roped in as the first partner bank of the current module.
These modules will help in streamlining recurring payments by simplifying workflows and reducing integration time, the startup said in a statement.
It further added that the integration would be 5X faster with no-code workflows, enabling businesses to make their products ‘live’ in no time.
Founded in 2020 by Rohit Taneja and Pratik Daudkhane, Decentro is a full-stack API (application programming interface) banking startup that allows companies select their modules and launch products within a few days.
It competes against the likes of M2P, Card91 and Upswing among others.
“The future of recurring payments in India hinges on simplicity and ease of access. With the launch of our ENACH and UPI Auto Pay solutions, we’re addressing long-standing challenges like cumbersome integrations, low success rates, and compliance hurdles”, said Taneja.
This move will help recurring payments and UPI mandate-focused businesses to reduce their operational costs, enhance customer satisfaction and speed up their time-to-market.
The startup counts CashE, Shiprocket, MoneyTap, AU small finance bank, Dhan and ClearTax among its clientele portfolio.
The fintech market space in India has been witnessing a host of developments for quite some time now.
For instance, yesterday (September 25), fintech startup M2P announced the first close of its Series D financing, raising INR 850 Cr ($101 Mn) through a combination of primary and secondary deal.
Also, earlier this week, fintech unicorn MobiKwik secured approval from the Securities and Exchange Board of India (SEBI) for its INR 700 Cr initial public offering (IPO).
Meanwhile, fintech startups are also tapping AI to boost customer engagement and drive digital shift.
