Bank Account Verification API
Verify bank account and holder name as per bank records during onboarding KYC and before making payouts.
Penny drop and penny less methods
Verification of 26000+ bank branches
Higher payouts success rate and avoid reversals
Trusted by
Bank Account Verification API
Use Cases
Financial Institutions
Authenticate bank account details during onboarding
Marketplaces
Automate the onboarding process for your customers and verify vendors before payouts
Insurers
Verify Bank account details of policy holders for underwriting and claim settlements
Investment platforms
Enable users to start investing faster on your platform via bank account verification
Designed for Developers
We encourage developers to integrate with Atlas. Our Bank Account Verification API uses xyz architecture…
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Frequently Asked Questions
Bank account verification goes beyond simple identity checks. It enables a range of crucial business functions, from secure loan approvals to streamlined vendor onboarding like confident lending and disbursements, seamless recruitment and effortless vendor payouts. Marketplaces can integrate account verification into onboarding, ensuring accurate vendor details and frictionless future transactions.
Key details such as the account holder’s name, the account number, and the account type (i.e., checking or savings) are verified
Bank verification comes in two flavors: penny drop and pennyless. Penny drop sends a tiny deposit to confirm the account, fast but users feel the movement. Pennyless uses bank data for seamless, quick checks, but it’s newer and less familiar. Both keep your business safe, so choose based on your needs and user comfort.
Beyond preventing fraud and streamlining KYC, verifying bank accounts ensures customers are who they say they are. This crucial Customer Due Diligence step comes in multiple methods, from tech-powered API checks to penny drop deposits, all reducing errors and paperwork headaches