Verify Bank Accounts

Verifying the beneficiary bank account details ensures that the right details are available to you to process payments. It may be mandatory to verify the bank accounts to process online payments in sectors such as securities, mutual funds, and so on. Using this feature ensures the transfers are successfully made to the correct beneficiary accounts. It minimises failed or transfer reversals from the bank.

To verify the customer bank details you need their bank account number and the IFSC. You can verify the bank accounts individually or in batches at a time. When you have a large number of accounts to be verified, simply upload all the details in a file as per the format suggested and upload it to verify the details.

Verify Individual Bank Accounts

To verify a bank account,

  1. Go to Verification Suite Dashboard > Bank Account > click Verify Bank Account.
  2. In the Verify Bank Account screen, enter Account Number, IFSC, Account Holder Name and Phone Number provided to you.
Verify Bank AccountVerify Bank Account

Verify Bank Account

  1. Click Verify. You will see a success message if the bank account exists.
Bank Account Verification - SuccessBank Account Verification - Success

Bank Account Verification - Success

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You can also use our API to verify bank account details.

Verify Bank Accounts in Batch

When you have a large number of bank accounts to be verified, you can upload a single file with all the details to verify the accounts in one go.

To verify all the bank accounts, you must upload a .csv, .xls, or a .xlsx file that contains the account number, IFSC, account holder name and phone number of the accounts you want to verify. Download the sample file to know how the details must be filled in the file.

To upload a batch file,

  1. Go to Verification Suite Dashboard > Batch > click Upload File.
  2. Click Choose a File to select the file you want to upload and click Upload. The uploaded file will be visible in the Batch section.
Batch UploadBatch Upload

Batch Upload

  1. Click the uploaded file to view the status of the individual bank account details uploaded in the file.
Batch Upload - Account StatusBatch Upload - Account Status

Batch Upload - Account Status

Approve Batch Verification Flow

To verify a large number of bank accounts in one go Batch Upload of bank account details is supported. Since it involves verifying all the bank account details added in the file in one go, you may want to check and approve the file before the file is verified. To do this, you have to create an approver profile within Cashfree Account and after it gets approved by an approver, bank account details will be verified, and the status of individual accounts will be displayed in the file.

All the files that are pending approval will be shown in the Approve Batch section.

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Note:

Cashfree Payments supports a maker-checker flow to check and approve the batch files before they are verified. You can have a maximum of 3 approvers for your file. Users in your company who have the required permission can view and approve/reject the file. The approved files will be verified and the status of the individual bank accounts will be displayed accordingly.


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