40 Cr

Total identity verifications annually

62%

Bank accounts verified

97+%

Success rate

Why Choose Bank Account Verification?
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KYC Verification

Verify identity of user, vendor and other beneficiaries, check against name at bank.

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Zero Transfer Reversals

Did you know more than 60% bank transfers fail due to incorrect account details, with verified account details avoid reversals.

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Payouts to right beneficiary

Remove chances of fraud or any manual mistakes with maker checker flow and ensure payout to right beneficiary only.

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Real time 24x7

Integrate our customizable and reliable API and do instant verification.

Get the edge over others with Cashfree Payments

Here is why 1000s of high growth businesses choose Cashfree Payments over others.

CapabilityCashfree PaymentsOthers
Advanced bank account verificationiconicon
Name at bank match scoreiconicon
IFSC checkiconicon
Supported payments modes check on account level iconicon
UPI ID validity check iconicon
In-built approval flowiconicon
600+ banks coverageiconicon
Reverse penny drop verification - via UPI and bank account details iconicon
Explore the power of instant Bank Account Verification

85% reduction in operational time | 75% savings in operational cost

  • 24x7 real time authentication
  • Reduce frauds with in-built approval flow
  • Achieve higher payouts success rate and avoid reversals due to incorrect account details

USE CASES FOR VARIOUS INDUSTRIES

Bank Account Verification for innovative businesses

Verify bank account details before onboarding and validate accounts before making payouts with Cashfree Payments.

Seamless delivery partner onboarding for Zomato

Zomato ensures quick and correct on-boarding of riders using Cashfree's API.

Instant verification of money exchangers for Bookmyforex

The foreign currency exchange platform uses Cashfree Payments for instant bank verification of money exchangers. As a platform facilitating 1600 crores+ currency exchange transactions, accuracy and speed while verifying accounts is a business prerequisite.

No cheque bank a/c verification for Zilra

Cross-border payments processor. Zilra no more needs scanned copies of cancelled cheques. It now uses Cashfree Payments to verify the account details in a paperless manner for onboarding freelance partners.

Automated User KYC and bank account check

Baja Finance verifies it's customers before activating any of their products like loans, insurance, FD's or before loan disbursals for personal, business or professional requirement.

Frequently Asked Questions
On Cashfree Payments 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 bank a/cs.

On Cashfree Payments, you can do verification for any number of Indian bank accounts via two modes:

1. Manual entry on Cashfree Payments Bank account verification dashboard. Here you will be required to enter only two details: Indian bank account number and IFSC. If you want to do bulk verification, you can access the bulk upload feature on the dashboard where you can upload a csv/xslx file with required details and get a quick response.

2. Using API This is an integrated automated way to do single/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 Payments 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. You can also verify PAN, Aadhaar and GSTIN of users or businesses with our Verification Suite.

The capability to verify a/c can be used in multiple business scenarios such as

1. Crucial part of verification process before providing loans of all kind (health,business,car etc)

2. Employee background check : a recruitment agency can use the feature for candidate's background check

3. 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.

Yes, Payouts is different. Payouts user can integrate BAV to do the validation & will be charged separately.
Yes, if you are using Cashfree Payments 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 Payments 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.

Have more questions?

Visit our support page