Request Verification
Submit a verification request using the necessary parameters such as professional details.
- Payments
Payment Collections & Settlements
Multi-Collect
UPI Collections
Recurring Payments
Instant Payouts
Escrow Accounts
Ledgers
- Banking
Banking-as-a-Service Platform
KYC & Onboarding
Hyperstreams
Bytes
UIStreams
- Resources
- Company
Table of Contents
- What is MSME Verification?
- Why is MSME Verification Important?
- Key Documents for MSME Verification
- How Can MSMEs Register for Their KYC Documentation?
- How Can MSME Verification Help Your Business
- How Can MSME Verification Help Vendors
- Where You Can Use It
- How Can Decentro Help?
- FAQs
In today’s rapidly evolving financial landscape, verifying customers’ employment status is crucial for lenders, financial service organisations, banks, and NBFCs.Decentro’s Employment Verification Stack offers a robust solution, enabling these entities to authenticate employment details seamlessly. This stack ensures comprehensive and accurate verification by integrating essential services such as EPFO Data, EPFO Passbook details, and Company Email Verification.Building on this robust foundation, Decentro introduces the Professional Membership Verification API, an extension tailored specifically for Medical Doctors, Chartered Accountants (CAs), and Company Secretaries (CS). This specialised service streamlines the membership verification process, ensuring the highest standards of accuracy and reliability for professional credentials.
The Need for Professional Verification
Ensuring the authenticity of professional credentials is crucial for various reasons
Verify Background Information of an Employee.
Maintain Regulatory Compliance.
Enhance Trust and Credibility.
Verify Background Information of an Employee.
Types of Professional Verification
Medical Doctors
Ensure the Doctors with the National Medical Council (NMC) membership is valid and up-to-date with our NMC Verification API.
Chartered Accountants (CAs)
Verify the membership status of Chartered Accountants with the Institute of Chartered Accountants of India (ICAI) with our ICAI Verification API.
Company Secretaries
Confirm the membership of Company Secretaries with the Institute of Company Secretaries of India (ICSI) with our ICSI Verification API.
How Can MSMEs Register for Their KYC Documentation?
To be eligible for verification, MSMEs must register and have key KYC (Know Your Customer) documents in place. Here’s how
Data Retrieval
Retrieve relevant information from the respective professional councils or organizations to process the request.
Receive Verification Results
Retrieve detailed verification results, including membership details, qualifications, and additional certifications.
Confirmation Message
Receive a confirmation message indicating successful verification of professional membership.
How Can MSME Verification Help Your Business
Regulatory
Compliance
Verifying SMEs ensures businesses comply with local laws and regulations, minimising the risk of legal penalties.
Reduced
Fraud Risk
Avoid fraudulent entities by ensuring they work with credible and verified partners, reducing potential financial and reputational risks.
Efficient Vendor
Management
Simplify the onboarding process by filtering out unreliable vendors, allowing businesses to build trustworthy supply chains.
Access to
Financial Services
Due to their established credibility, verified SMEs are more likely to receive financial support, such as loans and grants, which leads to smoother financial operations for the business.
Enhanced Business
Reputation
Engaging with verified SMEs strengthens a company’s reputation for thorough due diligence and reliability in the market, which can attract more partners and customers.
Improved Market
Opportunities
Verified MSMEs are often given preference in government tenders and contracts, opening doors to new business opportunities.
How Can MSME Verification Help Vendors
Improved
Credibility
Verification builds trust with potential business partners, increasing opportunities for contracts and collaborations.
Access to
Financial Support
Verified MSMEs have better access to financial services, like loans and grants, making it easier to grow and scale their operations.
Streamlined
Onboarding
Verified MSMEs enjoy faster onboarding with new partners, minimizing delays and building stronger business relationships.
Compliance
Assurance
Being verified signals compliance with government regulations, reducing the risk of penalties and fostering a smoother operational environment.
Where You Can Use It
Financial Services
Verify professional memberships for loan or insurance applicants to ensure qualifications and adherence to industry standards. This reduces fraud risk and improves the reliability of your financial services.
Recruitment
Streamline recruitment by verifying candidates’ qualifications and memberships. Confirm professional credentials to ensure only the most qualified and trustworthy individuals join your organisation, enhancing workforce quality.
Regulatory Compliance
Verify the professional credentials of individuals in regulated activities to ensure compliance with regulatory requirements. This maintains industry standards and legal adherence and safeguards your organisation against penalties and reputational damage.
Healthcare Providers
Verify medical professionals’ credentials before granting hospital privileges or network admission. This ensures adherence to patient care standards, safeguards the institution’s reputation, and ensures high-quality medical services.
Corporate Governance
Verify the professional memberships of board members, executives, or consultants to ensure they have the necessary qualifications. This helps make informed decisions, reduces the risk of mismanagement, and ensures capable strategic direction for the company.
Professional Associations
Authenticate the membership status of individuals applying for conferences or professional events. Confirming memberships ensures a credible platform for networking, learning, and development, attracting esteemed participants and speakers.
Frequently Asked Questions
How can I verify my MSME status?
Visit Udyam Registration Portal: Go to udyamregistration.gov.in.
Select Registration Type: Choose “For New Entrepreneurs.
Enter Aadhaar Details: Provide Aadhaar number and authenticate with OTP.
Fill Business and Bank Info: Enter business name, PAN, location, and bank details.
Submit Application: Review, declare, and submit the form. Authenticate with the final OTP.
Receive Udyam Certificate: Get your unique Udyam Registration Number (URN).
Verify Status: Use URN on the portal to check MSME status.
What documents are needed for MSME verification?
Commonly required documents include:
Business registration certificate
PAN card of the business
Aadhaar card of the owner
Financial statements
Proof of address
Bank account details
Is MSME verification a one-time process?
No, MSME verification should be updated periodically, especially if there are significant changes in business size, turnover, or ownership.
How long does the MSME verification process take?
The verification process can vary but typically takes a few weeks, depending on the completeness of the application and the volume of applications being processed.
Is GST mandatory for MSME?
GST is mandatory for MSMEs if:
Turnover Exceeds ₹40 Lakh: (₹20 Lakh for services).
Inter-State Supply: Businesses supplying goods/services across states.
E-commerce Sales: Selling through online platforms.
MSMEs can also opt for voluntary registration for benefits like input tax credit.
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