{"id":7121,"date":"2022-07-29T12:25:48","date_gmt":"2022-07-29T12:25:48","guid":{"rendered":"https:\/\/signdesk.com\/in\/?p=7121"},"modified":"2025-10-09T07:19:53","modified_gmt":"2025-10-09T12:49:53","slug":"bank-account-verification-api","status":"publish","type":"post","link":"https:\/\/melento.ai\/en-in\/blog\/bank-account-verification-api","title":{"rendered":"Bank Account Verification API &#8211; What is it &#038; How to Use It"},"content":{"rendered":"<h2><span style=\"text-align: justify; font-size: 24px; font-family: 'open sans'; color: #008000;\"><strong>What is Bank account verification?\u00a0<\/strong><\/span><\/h2>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Bank account verification is the process of enabling businesses to cross-check the propriety of bank accounts. This is a part of the <span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/kyc-verification\" target=\"_blank\" rel=\"noopener\">customer due diligence<\/a><\/span> (CDD) procedure that companies are required to go through to prevent ID fraud and financial crime.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Apart from risk mitigation, bank account verification helps reduce documentation errors and streamline<span style=\"color: #000000;\"> <a style=\"color: #000000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/pan-card-kyc-verification\" target=\"_blank\" rel=\"noopener\"><strong>KYC<\/strong><\/a><\/span> data management. There are various systems and procedures through which the process can be undertaken with the advent of technologies like bank account verification APIs, penny drop verification, third-party verification methods, and many more.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The common thread is that verifying bank accounts is essential for banks and other <span style=\"color: #000000;\"><strong><a style=\"color: #000000;\" href=\"https:\/\/melento.ai\/en-in\/digitise-finance-sector-documention\" target=\"_blank\" rel=\"noopener\">financial institutions (FIs)<\/a>.<\/strong><\/span><\/p>\n<div align=\"center\"><a href=\"https:\/\/melento.ai\/en-in\/talk-to-sales\"><button class=\"wpcf7-form-control wpcf7-submit envor-btn envor-btn-primary envor-btn-normal\" type=\"button\"><strong>Book a Free Demo <\/strong><\/button><\/a><\/div>\n<h2><span style=\"text-align: justify; font-size: 24px; font-family: 'open sans'; color: #008000;\"><b>Why Is Bank Account Verification Crucial For Onboarding?\u00a0<\/b><\/span><\/h2>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">When the topic of bank verification arises, the first question that would come to someone\u2019s mind is what is the need for bank verification in the first place?<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Many firms have to send clients money or charge them. They frequently need the details of their bank accounts to sanction and conduct these transactions. Businesses have typically relied on customers to supply account information. However, this hands-off approach to <span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/signdesk.com\/digital-kyc\" target=\"_blank\" rel=\"noopener\"><strong>KYC<\/strong><\/a><\/span> often results in instances of fraud and the usage of banks for money laundering.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Bank account verification is important for a number of reasons.<\/p>\n<ul>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"><span style=\"text-decoration: underline;\"><b>Bank account verification helps fight fraud<\/b><\/span><\/li>\n<\/ul>\n<p><span style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Bank account verification is a crucial part of registration &amp; KYC since it helps businesses verify the client\u2019s authenticity and that the customer information presented is kosher.\u00a0<\/span><\/p>\n<p><span style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Businesses can use this technique to verify that the submitted bank account information is accurate and belongs to the rightful owner.\u00a0<\/span><\/p>\n<ul>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"><span style=\"text-decoration: underline;\"><b>Bank account verification is simpler than normal KYC<\/b><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Bank account verification is simpler and more expedient to perform as compared to regular customer KYC.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">This is because bank account verification simply requires a customer\u2019s bank account information, which is already validated by another FI. Hence the data required to be retrieved and authenticated is readily available, making bank account verification a quick and convenient KYC option for banks and NBFCs.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">This is especially true since bank account verification involves the usage of APIs.<\/p>\n<ul>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"><span style=\"text-decoration: underline;\"><b>Bank account verification can be easily incorporated into customer journeys\u00a0<\/b><\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Since bank account verification workflows can be integrated as APIs, the verification process can be introduced with ease into any key touch points.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Banks and NBFCs can make use of bank account verification by integrating with APIs without any third-party assistance. This reduces the risk of data leakage and improves risk management.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The risk of automated clearing house or ACH refunds and possible fraudsters can also be reduced with the aid of bank account verification. Unauthorized returns happen when the buyer&#8217;s bank account has money debited from it, and the <a href=\"https:\/\/tfx.treasury.gov\/taxonomy\/term\/10659\"><span style=\"font-weight: 400;\"><span style=\"color: #333333;\">originating depository financial institution<\/span> <\/span><\/a><span style=\"font-weight: 400;\">(ODFI) requests that the money be put back into the account it was taken out of.\u00a0<\/span><\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Having a trustworthy bank account verification technique is crucial to maintaining a low ACH return rate since these actions might have severe financial repercussions for the company receiving the returned payment.<\/p>\n<h2><span style=\"text-align: justify; font-size: 24px; font-family: 'open sans'; color: #008000;\"><b>How Can FIs Conduct Bank Account Verification?\u00a0<\/b><\/span><\/h2>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The process of account verification in banks can be done in different ways. The processes are versatile and can be incorporated easily into the framework of any bank.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Some of the most notable ways to verify customer bank accounts are as follows:<\/p>\n<ul>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"><b><span style=\"text-decoration: underline;\">Penny Drop Verification<\/span>:<\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">One method of confirming the legitimacy of a user&#8217;s bank account is Penny Drop Verification. This is done by making a modest deposit of INR 1. This yields the verified bank information and the beneficiary&#8217;s name.<\/p>\n<ul>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"><b><span style=\"text-decoration: underline;\">Bank Account Verification API<\/span>:<\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">An API is made available to users so they can identify and authenticate consumer account owners and instantly check the status of their accounts for a variety of use cases.<\/p>\n<ul>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"><b><span style=\"text-decoration: underline;\">Verification via Third-party Bank<\/span>:<\/b><\/li>\n<\/ul>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Businesses, people, or other financial institutions can verify the validity of an account using a check verification service or a third-party bank verification service. This is typically not a secure option for bank account verification.<\/p>\n<h3><span style=\"text-align: justify; font-size: 22px; font-family: 'open sans'; color: #008000;\"><b>Penny Drop Verification<\/b><\/span><\/h3>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The process not only confirms the legitimacy of the customer&#8217;s bank account but also determines whether or not the specified account is active. The process also aids in determining whether the submitted account data are associated with the same vendor or not.<\/p>\n<p><span style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">A penny drop check verification process is carried out the following way:<\/span><\/p>\n<ul>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The customer provides the penny drop service provider with their bank account number and IFSC code.<\/li>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The service provider&#8217;s dashboard or the penny drop API are used to access the penny drop function.<\/li>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The provider then provides INR 1 (a penny) into the customer\u2019s bank account.<\/li>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The process is deemed a success if the customer\u2019s bank account is active. If not, the process is termed a failure.<\/li>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The beneficiary name and verified account status are returned following a successful penny drop transaction to confirm the consumer. But only the account status and the reason for failure are returned if the bank account verification fails.<\/li>\n<\/ul>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Penny drop check can trigger a number of transactions, including transfers of insurance funds, requests for partial withdrawals, pension fund transfers, transfers of employee salaries, and many more.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">To ensure that financial transactions only take place between the company and the intended beneficiaries, they cross-check the account information they have collected with the KYC proofs and bank account information that has been provided by the client or employee.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Read more about penny drop verification <strong><span style=\"color: #800080;\"><a style=\"color: #800080;\" href=\"https:\/\/melento.ai\/en-in\/blog\/penny-drop-verification\">here<\/a><\/span>.<\/strong><\/p>\n<h3><span style=\"text-align: justify; font-size: 22px; font-family: 'open sans'; color: #008000;\"><b>Bank Account Verification API<\/b><\/span><\/h3>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The Bank Account Verification API makes it simple and reliable to verify a bank account&#8217;s legitimacy. By doing so, any fraudulent activity can be stopped and the legitimacy of the customer can be established.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The majority of regulatory organizations recommend that specific institutions and entities use online bank account verification API services to confirm the legitimacy of the account and the reliability of their customers. The customer&#8217;s selective credentials are all that is needed for this process.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">The process of undertaking bank account verification API is very simple. It involves the following steps :-<\/p>\n<ul>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Add the IFSC code and the customer&#8217;s bank account number.<\/li>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Information is received by the banking information system to verify the account details.<\/li>\n<li style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Immediately verified bank accounts are available for transactions.<\/li>\n<\/ul>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Using the method of bank account verification API, loans are disbursed instantly. Easily disburse a quick loan to the appropriate, active bank account.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Additionally, it aids in identifying fraudulent accounts and removing manual errors when payouts are made to verified accounts. Last but not least, an online gaming organization can help the player complete the amount payout process quickly after verifying their bank account.<\/p>\n<h3><span style=\"text-align: justify; font-size: 22px; font-family: 'open sans'; color: #008000;\"><b>Third-Party Bank Verification Methods<\/b><\/span><\/h3>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Businesses, people, or other financial institutions can verify the account&#8217;s validity using a check verification service or a third-party bank verification service.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Verifying a third-party bank account can be done in a variety of ways, including by searching databases for accounts with a poor track record, determining whether the account number is real, or calling the bank directly to get the information confirmed.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">For businesses in the BFSI (Banking, Financial Services, and Insurance) sector dealing with Securities, Broking, and Mutual Funds, Third-Party Validation (TPV) of bank accounts is a need. According to Securities and Exchange Board of India (SEBI) regulations, consumers may only conduct transactions from bank accounts they provided when registering with regulated businesses.<\/p>\n<h3><span style=\"text-align: justify; font-size: 22px; font-family: 'open sans'; color: #008000;\"><b>How To Use Bank Account Verification For Due Diligence\u00a0<\/b><\/span><\/h3>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Bank account verification APIs are lightweight and flexible tools to verify customer accounts.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7132\" src=\"https:\/\/melento.ai\/en-in\/blog\/wp-content\/uploads\/2022\/07\/Bank-Account-Verification-What-is-it-how-to-use-it-02-1.jpg\" alt=\"Bank Account Verification -Process\" width=\"1604\" height=\"826\" \/><\/p>\n<p><b>Step 1:<\/b><span style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"> Integrate with bank account verification APIs<\/span><\/p>\n<p><b>Step 2:<\/b><span style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"> Customer enters bank account number &amp; IFSC Code\u00a0<\/span><\/p>\n<p><b>Step 3:<\/b><span style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"> The API retrieves pre-validated data for verification. The response data include &#8211; Client ID, Client\u2019s full name, UPI ID, and IFSC details\u00a0<\/span><\/p>\n<p><b>Step 4:<\/b><span style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"> This data is secured &amp; stored on servers for the bank to utilize for due diligence\u00a0<\/span><\/p>\n<p><b>Step 5:<\/b><span style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\"> Once verification is complete, these data are deleted for security purposes unless specified otherwise\u00a0<\/span><\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Bank account verification APIs retrieve key customer details that are important for banks to adequately verify customer identity and make sure their bank account is legitimate.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">These data can also be used to auto-fill information in bank applications and streamline documentation.<\/p>\n<h3><span style=\"text-align: justify; font-size: 22px; font-family: 'open sans'; color: #008000;\"><b>Scan.It: Melento (Formerly SignDesk)\u2019s Easy Solution for <a style=\"color: #008000;\" href=\"https:\/\/melento.ai\/en-in\/blog\/automate-workflow-with-signdesks-api\" target=\"_blank\" rel=\"noopener\">Bank Account Verification<\/a><\/b><\/span><\/h3>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Scan.It is one of <span style=\"color: #000000;\"><a style=\"color: #000000;\" href=\"https:\/\/signdesk.com\/\" target=\"_blank\" rel=\"noopener\"><strong>Melento (Formerly SignDesk)&#8217;s<\/strong><\/a> <\/span>verification options. It uses cutting-edge compliance technology and has helped our 400+ clients save onboarding costs, decrease KYC drop-offs, cut TAT by up to 99 percent, protect against fraud, and make it simple for users to sign up for bank accounts and be verified.<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Numerous accolades have been given in recognition of our work to automate bank account verification using\u00a0<span style=\"color: #333333;\"><strong><a href=\"https:\/\/melento.ai\/en-in\/blog\/penny-drop-verification\">penny drop verification<\/a><\/strong><\/span><span style=\"font-weight: 400;\">, with user-friendly AI-powered authentication and <\/span><span style=\"color: #333333;\"><strong>bank account verification API<\/strong><\/span><span style=\"font-weight: 400;\">, India has benefitted in its banking sector\u00a0contributing significantly to <a href=\"https:\/\/melento.ai\/en-in\/blog\/money-laundering-stages\">anti-money laundering<\/a> measures.<\/span><\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">Are you prepared to use the various verification processes for the bank account?<\/p>\n<p style=\"text-align: justify; font-size: 17px; font-family: 'open sans';\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <strong>Set up a free demo with us to get going.<\/strong><\/p>\n<div align=\"center\"><a href=\"https:\/\/melento.ai\/en-in\/talk-to-sales\"><button class=\"wpcf7-form-control wpcf7-submit envor-btn envor-btn-primary envor-btn-normal\" type=\"button\"><strong>Book a Demo <\/strong><\/button><\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is Bank account verification?\u00a0 Bank account verification is the process of enabling businesses to cross-check the propriety of bank accounts. This is a part of the customer due diligence (CDD) procedure that companies are required to go through to prevent ID fraud and financial crime. Apart from risk mitigation, bank account verification helps reduce [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":7130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"page_templates\/blog-new-3.php","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[14],"tags":[106,230,231,232,233,234,235,236,237,238,239,1880,1881,1882,2081,2222],"class_list":["post-7121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekyc","tag-account-verification-api","tag-bank-account-authentication","tag-bank-account-number-verification-api","tag-bank-account-verification","tag-bank-account-verification-advntage","tag-bank-account-verification-api","tag-bank-account-verification-api-india","tag-bank-account-verification-apis","tag-bank-account-verification-for-business","tag-bank-account-verification-for-due-diligence","tag-bank-account-verification-process","tag-penny-drop-bank-account-verification","tag-penny-drop-check","tag-penny-drop-verification","tag-signdesk-kyc-verification","tag-third-party-bank-verification-methods"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - 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