40 Cr
Total identity verifications annually
62%
Bank accounts verified
97+%
Success rate
Verify identity of user, vendor and other beneficiaries, check against name at bank.
Did you know more than 60% bank transfers fail due to incorrect account details, with verified account details avoid reversals.
Remove chances of fraud or any manual mistakes with maker checker flow and ensure payout to right beneficiary only.
Integrate our customizable and reliable API and do instant verification.
Here is why 1000s of high growth businesses choose Cashfree Payments over others.
Capability | Cashfree Payments | Others |
---|---|---|
Advanced bank account verification | ![]() | |
Name at bank match score | ![]() | |
IFSC check | ![]() | |
Supported payments modes check on account level | ![]() | |
UPI ID validity check | ![]() | |
In-built approval flow | ![]() | |
600+ banks coverage | ![]() | |
Reverse penny drop verification - via UPI and bank account details | ![]() |
85% reduction in operational time | 75% savings in operational cost
USE CASES FOR VARIOUS INDUSTRIES
Bank Account Verification for innovative businesses
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.
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.