Our Bank Account Verification API lets you verify bank account details such as:
- Account holder’s name
- Account number
- Account IFSC
- Account status
Bank account details such as account numbers and IFSC are long strings that have a number of repeating characters. A large number of first-time transfers fail due to incorrect details such as incorrect account number or IFSC or because the account is inactive or frozen.
It is also possible that money is transferred to the wrong person because your customer gave you the wrong details or because the details were not entered correctly in your system.
Our Account Verification APIs help you reduce transfer failures and reversals and lets you be sure that you are transferring money to the right person.
Insurance payouts: As an insurance provider you will have to make insurance payouts as per the terms agreed with your customers. Insurance payouts are usually large sums of money. It is critical that money from these transfers goes to the right person and on time to ensure customer satisfaction.
Stock and mutual fund payouts: When your customers sell their stocks or mutual funds, you need to transfer the money to their account. Some customers might want money from different sales to go to different accounts. It is critical that money from these transfers goes to the right person and on time to ensure customer satisfaction.
By verifying your customer's bank account before making the transfer, you can make sure your customers get their money on time.
Updated over 1 year ago