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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
Unlocking value for global leaders
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
Unlocking value for global leaders
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 integration
Our industry-leading API easily gets integrated with your existing workflows and processes.
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 
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