Our Hybrid Bank Account Verification API offers a superior solution by combining the strengths of Pennyless and Penny Drop methods of account verification.
When you send account details in the API request, we initially 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.
This hybrid approach is often faster than the traditional penny drop approach, is compatible with more banks compared to the pennyless approach, and is generally a more comprehensive and efficient bank account verification method.
How it Works
Our Hybrid Bank Account Verification API leverages a two-pronged approach to ensure accurate and efficient verification.
- Pennyless Verification: We initially attempt to verify the account using our Pennyless method, which doesn't require any fund transfer.
- Penny Drop Verification: If Pennyless verification fails, we seamlessly transition to our Penny Drop method, making a small deposit to confirm ownership.
Key advantages
- Faster Verification: Our hybrid approach often allows quicker verification than the traditional Penny Drop method alone.
- Wider Coverage: By combining both Pennyless and Penny Drop capabilities, we can verify a broader range of bank accounts.
- Enhanced Reliability: Our system ensures accurate and reliable verification results, minimizing the risk of fraudulent transactions.
API Rate Limit
- This API has a rate limit of 5 API calls per hour when making a deposit to the account to retrieve the account details. If you attempt to make more than 5 calls within an hour, you’ll receive a
400error message, indicating you have reached the hourly limit for the API.- Your default rate limit will apply when retrieving account details without making the deposit.
Contact our Support Team if you want to increase these limit.
Double Check IFSC
When verifying an account, we use IMPS to deposit money to the account. This means only the first four letters of the IFSC code need to be correct. The remaining digits can be incorrect or arbitrary.
For example, let us say there is an account number 12345678901 with the IFSC code HDFC0000123. Our bank account verification API can still successfully deposit money and fetch the necessary details even if you provide HDFC0000999 as the IFSC in the request.