Bank Account & UPI Verification

Verify Bank Account, UPI ID and Name before onboarding and withdrawals

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What is Bank Account Verification?

Bank account verification or penny drop mechanism as is commonly referred to is a way to verify the authenticity of a user’s Bank Account. This is achieved by depositing a small amount (usually a penny and hence the name) – usually INR 1 (one rupee) in the Indian context – which returns the validated bank details along with the beneficiary name.

How Does Bank Account Verification API work?

Acquire

Your customer shares their Bank Account Number and IFSC with you.

Drop a Penny

You access our Bank Account Verification API from Deepvue.tech's Financial Verification no-code suite. Our system drops a penny (INR 1) into your user's Bank Account.

Verify Transaction

If Bank Account Credentials were valid Bank Account Verification succeeds or if the Bank Account is invalid/closed Bank account verification fails.

Enriched Data Points

A successful transaction returns the verified Account Status and Beneficiary Name. A failed transaction returns just the Account Status and the failure reason.

What is UPI ID Verification?

UPI ID (a.k.a Virtual Payment Address or VPA) is a unique ID you need to create in order to send and accept money via UPI . Once a UPI address is created and mapped against your existing bank account, you can simply share your UPI address ([email protected]) with the payer.

As a business, the ability to verify a UPI ID comes handy. The different use cases can be

Deepvue.tech brings you this service in association with our reliable banking partners which gives us access to a wide banking network.

Key Features of UPI ID Verification API

Real Time Data

Real time data sourced from partner banks ensuring up to date information on newly created accounts.

Seamless Integration

Seamless integration within minutes with our Plug and Play integrated Account Number and UPI Verification API helps you confirm bank account validity.

Instant Check

Validate VPA instantly and get access to UPI ID holder name as registered in the bank.

Strong KYC & AML Checks

By accessing updated data, you can compare the identity (KYC) details provided in the application form against the beneficiary name returned from the Bank or UPI to validate the customers beyond doubt.

Benefits

Quick Integration

Integrate Bank Account Verification and UPI Verification in hours and do instant online financial verification.

Prevent Fraud

By accessing updated data, the risk of identity fraud and incorrect/incomplete data is reduced.

Faster Customer Onboarding

Accurately determine your user's financial identity in seconds.

Scalable and Secure

A powerful API that integrates with your systems to automate verification. Get a response without exposing data to a third party.

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