Payment Collections & Settlements
Multi-Collect
UPI Collections
Recurring Payments
Instant Payouts
Escrow Accounts
Ledgers
Lending
Banking-as-a-Service Platform
KYC & Onboarding
Hyperstreams
Bytes
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.
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).
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.
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.
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.
Decentro’s API banking platform has Bank Account Verification APIs to help businesses like yours provide a seamless experience to your customers, partners, and vendors!
Why Decentro’s APIs for Bank Account Verification?
Single API for validating user’s bank account instantly via penny drop verification.
Flexible API-based flow that can be embedded easily in your existing workflows.
Verify accounts on the fly while maintaining the accuracy and speed of onboarding as well as transactions.
Leverage multi-bank architecture in the backend so that any unexpected downtimes, black swan events, or volume spikes will not impact your business.
Access our Product Guide
API Documentation
DigiLocker
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