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January 2024

January 17th, 2024 by Harsha M N

We work hard to ensure everyone who uses ZWITCH gets the best experience. Every day we take small steps towards developing new products, enhancing existing features, and improving the performance of our system. We also fix (the occasional) bug in the system.

Below is a list of new feature releases, product improvements, and bug fixes we made in January 2024.

📘

Note

  • Except for breaking changes, all other changes are backward compatible.
  • Currently, we work on a daily release cycle. We push changes to the production environment as they are developed. However, we will notify you about breaking changes, new feature releases, and major enhancements via email before they are released.

🚀 New Features

Below is a list of the new features we released in January 2024.

Accounts

1. Virtual Account: Used as Wallet

We have updated our Virtual Account Wallet API based on regulatory compliance requirements from our partner bank.

To ensure accuracy, we've added checks for PAN, bank account, and Name to verify the correctness of bank account details and the applicant's PAN.

Use the below verification suite APIs to verify the applicant's name, bank account details, and PAN.

  1. Use our PAN Verification API to verify the applicant's PAN.
  2. Use our Bank Account Verification API to verify the applicant's bank account details.
  3. Use our Name Verification - PAN vs Account Verification API to verify the applicant's name against the PAN and the physical bank account.

You are required to pass the unique identifiers generated while verifying the applicant's name, bank account details, and PAN in the virtual account API request.

Shown below is a sample request and sample response of a Create Virtual Account API.

{
  "type": "virtual",
  "used_as": "wallet",
  "name": "Anil Reddy",
  "mobile_number": "9876543210",
  "email": "[email protected]",
  "bank_name": "axis_bank",
  "create_vpa": false,
  "kyc": {
    "city": "Bangalore",
    "postal_code": "560005",
    "state_code": "KA",
    "pan": "AAAPA0000A",
    "business_type": "partnership",
    "pan_verification_id": "pan_teJfU3K93LKeUao3alujrW6GP",
    "business_category": "garage_owners",
    "contact_person": "Rahul Reddy"
  },
  "verified_remitters": [
    {
      "account_verification_id": "accver_6CvEoAbsjTHW0WGS8zNYechGh",
      "name_match_id": "nm_A8riptxJqooAypvJoqhIRshw7"
    }
  ],
  "metadata": {
    "key_1": "DD",
    "key_2": "XOF"
  }
}

{
  "id": "va_RcochEXjFd4TJunK0soMrmoon",
  "object": "account.virtual",
  "type": "virtual",
  "used_as": "wallet",
  "bank_name": "axis_bank",
  "name": "Anil Reddy",
  "mobile_number": "9876543210",
  "email": "[email protected]",
  "account_number": "3636365848485530",
  "ifsc_code": "YESB0CMSNOC",
  "vpa": null,
  "additional_vpa": [],
  "whitelisted_remitters": [
    {
      "account_number": "91021021021213",
      "ifsc_code": "ICIC0666667"
    }
  ],
  "verified_remitters": [
    {
      "account_verification_id": "accver_XDDkBZiphid9mIhgVqn5n9b3H",
      "name_match_id": "nm_xh6IZqZSpidoCd26GYAmva9t9"
    }
  ],
  "whitelisted_beneficiaries": [],
  "verified_beneficiaries": [],
  "kyc": {
    "city": "Bangalore",
    "postal_code": "560005",
    "state_code": "KA",
    "pan": "XXXXXX000A",
    "business_type": "partnership",
    "pan_verification_id": "pan_teJfU3K93LKeUao3alujrW6GP",
    "business_category": "garage_owners",
    "contact_person": "Rahul Reddy"
  },
  "customer": {
    "id": "cus_9AZ0Od3RcJLS3PzEtZyqGyL42",
    "mobile_number": "9876543210"
  },
  "metadata": {
    "key_1": "DD",
    "key_2": "XOF"
  },
  "status": "active",
  "created_at": 1681113234,
  "is_sandbox": true,
  "settlement_account_id": null
}

Refer to our Virtual Account API documentation for more details.

Verification Suite APIS

1. Name Verification - PAN vs Account Verification

Use this API to verify the PAN name with their existing Bank account name.

Shown below is a sample request and sample response of a Name Verification PAN vs Account Verification API.

{
  "type": "pan_vs_account_verification",
  "pan_verification_id": "pan_vTQ7sBPRAApHORmN5PfT3Uk3N",
  "account_verification_id": "accver_wIEhmszz13go8eiUSbYDZlBKu",
  "minimum_match_score": 60.5,
  "metadata": {
    "key_1": "DD",
    "key_2": "XOF"
  }
}

{
  "id": "nm_BbDMJHOVydaXraXQuSWPPquoZ",
  "type": "pan_vs_account_verification",
  "object": "name_match.pan_vs_account_verification",
  "minimum_match_score": 60.5,
  "status": "success",
  "name_as_per_pan": "Anil Reddy",
  "pan_verification_id": "pan_vTQ7sBPRAApHORmN5PfT3Uk3N",
  "account_verification_id": "accver_wIEhmszz13go8eiUSbYDZlBKu",
  "name_as_per_verification": "Anil Reddy",
  "match_score": 70.83,
  "message": "success",
  "review_needed": false,
  "metadata": {
    "key_1": "DD",
    "key_2": "XOF"
  },
  "created_at": 1704868805,
  "updated_at": 1704868805,
  "is_sandbox": true
}

Refer to our Name Verification - PAN vs Account Verification API documentation for more details.