Bank account verification is essential for any business in order to set up safe and secure payments. With Deepvue.tech, you can verify bank account ownership quickly and easily so you can avoid fraud and manage risk.
Get started to add Bank Account Verification to your products 10X faster.
Bank account verification can be done through a penny-drop mechanism, which is a way to check if a user’s bank account is real. This is done by depositing a small amount of money into the account (usually less than one rupee), which will then return the validated bank details along with the beneficiary’s name.
The purpose of bank account verification is to enable businesses to validate the accuracy of bank accounts. Companies must go through this customer due diligence (CDD) process to avoid identity fraud and financial crime.
Bank account verification not only minimizes risk but also decreases errors in documentation and data management. There are several methods available to undertake the process, such as bank account verification APIs, penny drop verification, third-party verifications, KYC, and others due to the emergence of advanced technologies.
Bank Account Verification is a mandatory step of customer journeys in many different contexts, such as signing up for a mutual fund platform, taking a loan, setting up an account on a cryptocurrency app, or creating an account with a gaming app.
Eliminating failed payments allows you to provide customers with faster, hassle-free checkouts and deliver the required products and services without delays or disruption.
Just from your customers' sort code and account number, our Bank Validation service will provide insight into their branch and other invaluable insights.
Accurately determine your user's financial identity in seconds.
By streamlining the account validation process, we've reduced drop-offs and increased user conversion.
Verifying customers' account information can help you gauge the possible risks of processing applications and reduce financial losses due to fraudulent activity.
Institutions worried about fake bank account holders can utilize this process to protect their money from being misused.
Say goodbye to unnecessary errors and delays in payments. Prevalidate the bank account details of your customers before initiating a payment.
Cut back on business costs like administrative fees, bank charges, and other operational expenses that result from re-processing unsuccessful payments.
To ensure all accounts are legitimate and set up for payment, our bank account number validation service covers 100% of deposit accounts, enabling you to protect yourself from fraud and manage risk for every transaction.
It takes a few microseconds to validate a bank account, including verifying that the account number and holder name are correct.
Our system uses the information from the bank associated with the bank account number and IFSC code to verify the results. This way, we can ensure that the results are always accurate and legitimate.
Fraudulent payments can be very costly for businesses, but by identifying them early, you can save time and resources that would be spent on investigations.
A powerful API to connect with your systems and perform verification without exposing any information to a third party.
Our account verification API is well-documented, easy to comprehend, and simple to integrate. In case difficulties arise, we offer 24/7 manual integration assistance, working hard to make the integration process as smooth as possible.
The documentation for our APIs is comprehensive! We constantly update it to explain the minutest detail. Whether you use Python, Java, PHP, or C#, we have you covered!
You can launch your financial products in days with our easy-to-use APIs, SDKs, or ready-to-use code. With a range of flexible solutions, you can pick the option that best suits your needs.