Vendor onboarding, employee onboarding, borrower KYC - Cashfree has you covered.
A powerful API that integrates with your company internal system to automate verification. Get a response without exposing data to a third party.
Verify accounts before sending money and minimise reversals and failed transfers.
On cashfree you can verify a/c numbers instantly. As you submit the request, our API gives an instant response.
The verification can be done for all the a/c of recognized Indian banks including all public banks, private banks and 126+ co-operative banks*.
Note: Verification may not be possible for some co-operative banks' a/cs.
On Cashfree, you can do verification for any number of Indian bank accounts via two modes:
1) Manual entry on Cashfree Bank account verification dashboard.
Here you will be required to enter only two details: Indian bank account number and IFSC.
2) Using API
This is an integrated automated way to do bulk verification. The API can be integrated with existing company internal system or ERP and then request can be pushed directly using API.
No, there is no such limit. You can use the fetaure to verify any number of a/cs in a day 24*7.
KYC or “Know Your Customer” is a process to be undertaken by businesses especially financial institutions to obtain information about the identity and address of the customers. One of the key document is bank account details as the same is regarded as valid proof for the identity of a person/entity.
While onboarding vendors, delivery partners, or even employees, an organisation needs to do a bank account verification. Using Cashfree API, this process can be automated and integrated with existing company internal system so that the bank verification process happens smoothly, without exposing the data to any third party.
The capability to verify a/c can be used in multiple business scenarios such as
1) employee background check : a recruitment agency can use the feature for candidate's background check
2) Vendor onboarding: a marketplace splitting commission with different vendors can use the feature to verify the a/c details at the time of onboarding the vendor, this also helps in correct payments later on. The ability to integrate the API with existing ERP helps in reducing operational effort and saves cost.
No, Cashfree Payouts users get the verification API as part of Payouts.When you send money via Payouts, the a/c of the beneficiary is verified automatically. Hence if you opt for Cashfree Payouts, you will be using verification feature at no additional cost.
Yes, if you are using Cashfree marketplace settlement and want to use verification API as well, you need to opt for the feature seperately. Our experts will help you with integration and you will be able to use Cashfree marketplace settlement and verification feature together.
Our Plug and Play integrated a/c number verification API helps you confirm bank account validity. By accessing updated data, the risk of identity fraud and incorrect/incomplete data is reduced. The result such as account holder’s name shown to you will be exactly as it appears in bank records.