Overview

Bank Account Verification is a fast, reliable solution that confirms whether a given bank account belongs to the specified individual. Unlike tools that retrieve full financial data, this solution focuses solely on verifying key account details. It helps businesses reduce fraud, streamline customer onboarding, and improve transaction security.

Using advanced algorithms, Bank Account Verification cross-references key identifiers such as the account number and bank code while applying intelligent matching techniques to ensure the provided account holder name aligns with data from the bank. Although the system handles various name formats, it’s recommended to ask users to provide their name exactly as it appears on their bank statement for optimal accuracy.

API Response Fields

When verifying a bank account, the API returns structured data indicating the verification status and key insights:

• result: Indicates whether the account details match, partially match, or do not match.

  Possible Values:

  • Pass: Account identifiers were found, and the name(s) matched.
  • Fail: Account identifiers were found, but the name(s) did not match.
  • Partial: Account identifiers were not found, but the name(s) matched.
  • NA: The result is inconclusive. Refer to the reason code for more details.

• reason: Returned when the result is Fail, NA, or Partial.

  Possible Values:

  • AccountIdentifierNotFound: The account identifier could not be found.
  • PartyNameNotFound: The name associated with the account could not be found.
  • NameOnlyMatch: Only the name was matched, without the account identifier.

• matchedAccount: If the result is Pass or Partial, the respective bank account information is returned.

• matchedAccountHolderName: If the result is Pass or Partial, the corresponding account holder name is provided.

API Schema and Response

Bank Account Verification API

Use Cases

Fraud Prevention

• Verify that the bank account truly belongs to the stated individual before processing payments or granting account access.
• Prevent fraudulent transactions by ensuring account details match official bank records.

Seamless Customer Onboarding

• Automate bank account verification during customer registration to reduce manual reviews and delays.
• Enhance the onboarding experience by confirming bank details in real time without additional document checks.

Payment Reliability

• Ensure the provided bank account is valid and belongs to the intended recipient before initiating a transaction.
• Minimize the risk of failed payments, chargebacks, and disputes due to incorrect account details.

Regulatory Compliance & KYC (Know Your Customer)

• Meet financial regulations by verifying customer bank account details as part of KYC and AML procedures.
• Ensure compliance with industry standards while minimizing friction for legitimate users.

Why Bank Account Verification?

• Enhanced Fraud Prevention: Detect inconsistencies in account ownership before transactions occur.
• Automated & Scalable: Real-time verification without manual intervention.
• Seamless API Integration: Simple, structured responses for easy implementation.
• Regulatory Compliance: Effortlessly support KYC and AML requirements.