{"id":724,"date":"2021-03-24T07:16:28","date_gmt":"2021-03-24T07:16:28","guid":{"rendered":"https:\/\/decentro.tech\/blog\/?p=724"},"modified":"2024-06-13T11:32:36","modified_gmt":"2024-06-13T11:32:36","slug":"enabling-instant-account-validation-for-gromo","status":"publish","type":"post","link":"https:\/\/decentro.tech\/blog\/enabling-instant-account-validation-for-gromo\/","title":{"rendered":"How Gromo Enabled Instant Bank Account Verification"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_17 counter-hierarchy\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class=\"ez-toc-list ez-toc-list-level-1\"><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/decentro.tech\/blog\/enabling-instant-account-validation-for-gromo\/#What_were_Gromos_Key_Challenges\" title=\"What were Gromo\u2019s Key Challenges?\">What were Gromo\u2019s Key Challenges?<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/decentro.tech\/blog\/enabling-instant-account-validation-for-gromo\/#How_Decentro_Helped_Gromo\" title=\"How Decentro Helped Gromo&nbsp;\">How Decentro Helped Gromo&nbsp;<\/a><\/li><li class=\"ez-toc-page-1 ez-toc-heading-level-2\"><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/decentro.tech\/blog\/enabling-instant-account-validation-for-gromo\/#What_were_the_Outcomes\" title=\"What were the Outcomes?\">What were the Outcomes?<\/a><\/li><\/ul><\/nav><\/div>\n\n<figure class=\"wp-block-image size-large featured-post-img\"><img loading=\"lazy\" width=\"854\" height=\"854\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/How-Gromo-Enabled-Instant-Bank-Account-Verification.png\" alt=\"Gromo\" class=\"wp-image-6209\"\/><\/figure>\n\n\n\n<p id=\"block-9e6c62e4-2a34-474c-bb13-47020c4ff60b\">A few years ago, if someone told you that you could make money sitting at home, how many of us would believe it? Social media has evolved from a place where you can connect with loved ones to something much more- a place to buy &amp; sell, advertise a product\/offering, and accelerate branding.&nbsp;<\/p>\n\n\n\n<p id=\"block-5b2773b1-17b3-4a2a-b5f9-f03414fc63e7\">One such social platform dedicated to financial products &amp; instruments is Gromo. Their mission is simple &amp; powerful- financial inclusion of the underserved population in the country.&nbsp;<\/p>\n\n\n\n<p id=\"block-73786557-9d23-4cbe-86bd-dff721bb9848\">In this pursuit, this financial product aggregator platform empowers micro-entrepreneurs by enabling them to serve millions of customers. Above all, Gromo&#8217;s underlying partnerships with Banks, NBFCs, and the like help them to create a seamless pipeline of financial products such as insurance, loans, and cards.&nbsp;<\/p>\n\n\n\n<div id=\"block-a728c110-f4fe-4829-b210-70759b1ce2dd\" class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" width=\"1144\" height=\"301\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/gromo-hurdles.jpg\" alt=\"Gromo: How it works\" class=\"wp-image-3596\"\/><figcaption>Gromo: How it works<\/figcaption><\/figure><\/div>\n\n\n\n<h2 id=\"block-f6ec5905-ed83-4186-8593-a789dc1916d0\"><span class=\"ez-toc-section\" id=\"What_were_Gromos_Key_Challenges\"><\/span><span style=\"color:#20509e\" class=\"has-inline-color\">What were Gromo\u2019s Key Challenges?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-d822b95c-d6a8-446e-b977-78c134886972\">Gromo onboards financial advisors who then pitch and sell many financial products to customers. <\/p>\n\n\n\n<p id=\"block-d822b95c-d6a8-446e-b977-78c134886972\">Similarly, the platform also equips them with everything necessary to acquire more customers; for instance, Gromo helps financial advisors have personal websites, posters, visiting cards, etc.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Furthermore, it also brings the best deals to these advisors as they enter product &amp; customer details. To ensure a smooth operation, Gromo had to resolve pain points surrounding the below:&nbsp;<\/p>\n\n\n\n<h4 id=\"block-feb0cd6f-e5a9-47a7-8497-0a866d29b60f\"><span style=\"color:#20509e\" class=\"has-inline-color\">Account Validation<\/span><\/h4>\n\n\n\n<p id=\"block-1af5b66d-bcde-498f-afdb-1352bb716ba7\">Bank account verification is crucial for Gromo while <a href=\"https:\/\/decentro.tech\/products\/kyc-onboarding\/\" target=\"_blank\" rel=\"noreferrer noopener\">onboarding users<\/a> on their platform. Collecting <a href=\"https:\/\/decentro.tech\/blog\/what-is-kyc-why-is-it-important\/\" target=\"_blank\" rel=\"noreferrer noopener\">KYC documents<\/a> and verifying bank accounts (in their corporate banking portal) manually consumed a lot of unnecessary man-hours. At scale, Gromo realized that the onboarding process would become less efficient with the current process.<\/p>\n\n\n\n<h4 id=\"block-7debf162-dca4-4858-8686-cb320ae882b1\"><span style=\"color:#20509e\" class=\"has-inline-color\">Bank Integrations<\/span><\/h4>\n\n\n\n<p id=\"block-cc5c8447-61da-4a0b-ae6e-463b3aefedc2\">Integrating with a bank to kickstart financial services within a platform may sound easy &amp; exciting, but only initially. Above all, in the current banking landscape, any such integration easily takes at least 2-3 months. And that is not just the part to worry about. Furthermore, the integration cycles are harder due to broken documentation and the back &amp; forths for approvals. <\/p>\n\n\n\n<p id=\"block-cc5c8447-61da-4a0b-ae6e-463b3aefedc2\">Let&#8217;s not even get into the temple runs between various departments for coordination and frequent tech updates.&nbsp;<\/p>\n\n\n\n<h4 id=\"block-7e689e1b-f593-4641-a0a4-1e50f45390be\"><span style=\"color:#20509e\" class=\"has-inline-color\">Set-up Fee<\/span><\/h4>\n\n\n\n<p id=\"block-5059ba42-d8a4-4bb2-ae1e-820f1bec45dd\">Any consumer or business that consumes APIs that a bank provides has to pay a setup fee. A hefty one at that can go as high as \u20b91-2 Lakhs depending on the nature of APIs consumed. Consequently, it could be a dealbreaker for many companies, especially SMBs and startups that are just starting out.&nbsp;<\/p>\n\n\n\n<h2 id=\"block-07f8b61c-e506-466e-a532-828cece74211\"><span class=\"ez-toc-section\" id=\"How_Decentro_Helped_Gromo\"><\/span><span style=\"color:#20509e\" class=\"has-inline-color\">How Decentro Helped Gromo&nbsp;<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p id=\"block-640d08cb-cd03-489e-b5db-f07b63690eb8\">Decentro\u2019s instant <a href=\"https:\/\/decentro.tech\/products\/accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">Account Validation API<\/a> proved to be the apt solution to Gromo&#8217;s challenges.&nbsp;<\/p>\n\n\n\n<p id=\"block-d66ae6fe-2953-4fbf-be2b-06825350e28e\">Therefore, whenever a partner signed up, the API triggered a deposit of \u20b91(IMPS transaction) to their account and ensured that the set-up was completed instantly and seamlessly.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" width=\"1690\" height=\"1104\" src=\"https:\/\/decentro.tech\/blog\/wp-content\/uploads\/decentro-gromo-penny-drop-api-verification-1.jpeg\" alt=\"Decentro\u2019s Instant Account Validation API for Gromo.\" class=\"wp-image-731\"\/><figcaption>Decentro\u2019s Instant Account Validation API<\/figcaption><\/figure>\n\n\n\n<h2 id=\"block-f79db587-3bf8-44f4-9b80-ee14636cda10\"><span class=\"ez-toc-section\" id=\"What_were_the_Outcomes\"><\/span><span style=\"color:#20509e\" class=\"has-inline-color\">What were the Outcomes?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul id=\"block-639a5599-b56c-4f08-9430-12fb4968ce03\"><li>After resolving banking integration challenges, Gromo&#8217;s go-to-market timelines were reduced by 80%.<\/li><li>Instant account validation ensured that partners could start selling from day 1.<\/li><li>In addition, we also facilitated a customized amount for account validation to accommodate signup incentives.<\/li><\/ul>\n\n\n\n<p id=\"block-f997097a-f221-435c-a02a-e878b2674870\">A word from Darpan Khurana, Co-founder, Gromo.&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-default\"><p>Great work by Team Decentro. Happy to be one of the early Customers, and it has been seamlessly good so far. Using penny drop APIs to validate bank account details of thousands of our Agents to ensure a timely future payout.<\/p><\/blockquote>\n\n\n\n<p id=\"block-7685cfe7-79be-4c97-acea-aa67ebcd294b\">If your business is trying to solve and overcome a financial challenge as Gromo did, please email us at hello@decentro.tech.&nbsp;<\/p>\n\n\n\n<p id=\"block-f99dff25-a47b-4ccb-add2-6c66a0133c1b\">That\u2019s precisely what our simplified banking APIs are here for! We\u2019ve solved pertinent use cases for our customers <a href=\"https:\/\/decentro.tech\/blog\/simplifying-collections-payouts-zoozle\/\">Zoozle<\/a> &amp; <a href=\"https:\/\/decentro.tech\/blog\/strengthening-kyc-process-fampay\/\" target=\"_blank\" rel=\"noreferrer noopener\">FamPay<\/a> with our product suite with <a href=\"https:\/\/decentro.tech\/blog\/what-are-virtual-accounts\/\" target=\"_blank\" rel=\"noreferrer noopener\">virtual accounts<\/a>, business banking, <a href=\"https:\/\/decentro.tech\/products\/aml-compliance\/\" target=\"_blank\" rel=\"noreferrer noopener\">AML &amp; compliance<\/a>, and <a href=\"https:\/\/decentro.tech\/products\/payments\/\" target=\"_blank\" rel=\"noreferrer noopener\">payments<\/a>.&nbsp;<\/p>\n\n\n\n<p id=\"block-4d3257b0-fcfe-4f66-acc1-7ce09cde196d\">It\u2019s not that hard. We\u2019ll help you make it easy.&nbsp;<\/p>\n\n\n\n<p id=\"block-0fbbeb87-4674-4d14-a7c6-e55869505df5\">As easy as it should be.&nbsp;<\/p>\n\n\n\n<p id=\"block-6bcb1d5f-dc72-413c-bbc5-6c66acaa9d48\">Cheers!&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>How did Gromo, a financial product aggregator platform, overcome account validation challenges with Decentro? <\/p>\n","protected":false},"author":2,"featured_media":734,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[70],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How Gromo Enabled Instant Bank Account Verification with Decentro<\/title>\n<meta name=\"description\" content=\"A case study on how Decentro&#039;s API platform enabled Gromo, a financial product aggregator platform, to instantly verify bank accounts.\" \/>\n<meta name=\"robots\" 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