Initiate instant bank account verification through account numbers validation (and other details)
There are two systems in place to ensure an efficient bank account verification
The legitimacy of the user’s bank account can be done by making a modest deposit of INR 1. This not only yields verified bank information and the beneficiary but also is very effective in determining whether the associated account is active or not. Upon confirmation of the legitimacy of the user’s bank account, the token amount is credited back to the user.
A simple and reliable API can identify and authenticate a legitimate bank account via an IFSC code and customer bank account number. Right from bulk account verification, and identification of fraudulent accounts, an efficient banking API can also aid in removing manual errors where payouts are made to verified accounts.
The demand for enabling businesses/ vendors/ marketplaces to cross-check proprietary bank accounts stems from the need for risk mitigation. As a business your dependence on the customers to verify the account details of every transaction paves way for fraud and financial crimes such as money laundering.
With bank account verification there is also the added advantage of streamlining the KYC data management. This it turn also reduces manual labour, and documentation errors.
The common thread is that verifying bank accounts is essential for banks and other financial institutions (FIs).
Retrieve and authenticate information via powerful APIs, without exposing data to a third party, thereby eliminating any delays in the onboarding of new vendors/ merchants/clients.
With secure and transparent access to data, the risk of identity fraud is eliminated right at the onboarding process.
Validate merchant/ customers authenticity via selective credentials such as the IFSC code and account number.
Easy-to-integrate APIs for your existing workflows, or set up an automated workflow to elevate the customer experience with a quick and efficient verification journey.
Set up real-time payments & collections with UPI Collect or UPI Intent Flow and create a seamless cash flow for your business.
Discover Central KYC (CKYC): Streamline Your Business with CKYC APIs for Financial Simplicity, Enhanced Customer Experience, and Efficient Workflows.
Pay bills, EMIs, OTT subscriptions, insurance, mutual funds, and more using recurring E-Mandates via UPI on your platform.
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