Explore Bureau's comprehensive range of bank verification solutions and understand how they can benefit your business.
A large number of first-time transfers fail due to incorrect account numbers, IFSC codes, or inactive accounts. Bureau offers a comprehensive suite of bank verification solutions to streamline onboarding processes and reduce operational risks. Our solutions include:
- Penny drop verification: A traditional method that involves transferring a small amount to confirm account validity and retrieve details.
- Pennyless verification: A modern approach that verifies accounts without requiring funds.
- Hybrid bank account verification: Combines the best of both methods for faster and more reliable verification.
Use Cases
Below are a few examples where you can integrate our bank account verification solution to reduce transfer failures, ensure compliance adherence, and enhance customer experience.
- Onboarding: Verify customer identities to avoid onboarding fraudulent accounts and protect your platform. Applicable to industries such as stock trading, mutual funds trading, online gaming, and fantasy gaming.
- Pre-disbursement and refunds: Avoid financial losses and maintain customer trust by verifying account details before initiating payouts. Applicable to industries such as insurance, stock trading, mutual funds trading, online gaming, fantasy gaming, food delivery, and e-commerce.
Penny Drop Verification
While reliable, it can be slower and less convenient for users.
This traditional approach of verification involves depositing a small amount (for example ₹1) to the account to retrieve its ownership and validity. This capability can be used to validate accounts for any Indian bank that supports IMPS transfers.
The figure below shows how our penny drop solution works.
Learn more about our penny drop verification API.
Pennyless Verification
Faster and more user-friendly, but may have limitations for certain banks.
This method verifies bank accounts without requiring funds. Instead, we use alternate means to check account details and verify the ownership and validity of the bank account.
The figure below shows how our pennyless solution works.
Learn more about our pennyless verification API.
Hybrid Bank Account Verification
Generally a more comprehensive and efficient bank account verification solution.
This is a superior solution that combines the strengths of the penny drop and pennyless methods of account verification. This hybrid approach is often faster than the traditional penny drop approach and is compatible with more banks compared to the pennyless approach.
In this method, when you send account details to us:
- First, we attempt to verify the account using our pennyless method, which doesn't require a fund transfer.
- If pennyless verification fails, we seamlessly transition to our Penny Drop method, making a small deposit to confirm ownership.
The figure below shows how our hybrid bank account verification solution works.
