Bank Account Verification

With the Bank Account Verification solution also known as Penny-drop solution, you can now onboard with confidence knowing that that the individual’s/ merchant’s account details you have are genuine and indeed belong to the individual/ merchant that you are onboarding, thereby reducing the potential of fraud.

Couple it with our Cheque OCR API to make your bank account verification process seamless and instant.

Tackle fraud at source

By validating account details during the onboarding process

Automate workflows

Auto-approve clean individuals/ merchants through automation

Onboard faster

Minimize time spent in manual reviews

How it works

Provide a bank account number and IFSC code as input, and you’ll receive multiple data points that help you mitigate onboarding risk.

Whether the account exists or not

Name of the individual/ entity on bank records

Where you can use it

Individual onboarding

Irrespective of whether an individual is opening an account on a mutual fund platform, taking a loan, creating an account on a cryptocurrency app or a gaming app, or whether they are being onboarded as a new employee in an organization, a bank account verification becomes paramount during the onboarding process.

Merchant/ entity onboarding

When a merchant or an entity is applying for a loan, onboarding on a aggregator platform, or in any other merchant onboarding journey, IDfy’s bank account verification allows you to validate that the merchant is indeed providing you with the correct bank details, thereby reducing potential of fraud.

Features

Reliable

Verification is done against the banks themselves

Simple

Verification only requires two inputs - account number and IFSC code

Instant

TAT of the API is very low, enabling real-time verifications

Quick integration

API structure is straightforward, enabling super quick integrations

A one-time, trouble-free API integration

Unlike other platforms, IDfy's API is built with both businesses and developers in mind.
Our easy-to-follow documentation and dedicated support team ensure you have all you need for successful API integration.

API For Developers

What our clients say

"IDfy’s Extraction & Masking APIs have helped us ensure that our customers are able to successfully complete their onboarding on their first attempt. IDfy’s solution scales up smoothly to manage the increase in onboarding volumes.”

Nitin PanaskarHead Digital Onboarding , Nuvama Wealth And Investment Limited