Verify Bank Accounts

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

To verify the customer's 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, or use the bulk bank verification API to do the same.

To help you save time in verifying if a particular account belongs to the right person, a new feature has been introduced. It will provide the percentage of name match, result, and reason. These details will help you with faster validation and less effort. Contact your account manager or write to [email protected] to activate this feature for your account. Click here to know more.

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.
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Verify Bank Account

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

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You can also use our bank account verification 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, or use the bulk bank account verification API.

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.
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Batch Upload

  1. Click the uploaded file to view the status of the individual bank account details uploaded in the file.
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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.


Name Match Score

To manually check if the provided customer name and the name registered at the bank are the same, consumes a lot of time and effort. Cashfree Payments has introduced a new feature that will help you to verify if the names are the same and provide the result accordingly.

Two new parameters, nameMatchResult and nameMatchScore will be available in the response, which will help you make faster validations and process payments successfully.

Contact your Account Manager or write to [email protected] to activate the name match score feature for your account.

Examples:

Direct Match

Name 1Name 2nameMatchResultnameMatchScore
Rohan Mathew ThomasRohan Mathew ThomasDirect match100.00

These names are exactly the same, so we get a perfect score.


Good Partial Match

Name 1Name 2nameMatchResultnameMatchScore
Rohan Mathew ThomasRohan ThomasGood partial match85.00

The name Mathew is missing in the above example, but the rest of the names match perfectly. So we are mostly sure it is the same person.


Moderate Partial Match

Name 1Name 2nameMatchResultnameMatchScore
Rohan Mathew ThomasRoshan ThomasModerate partial match61.00

In the above example, name Thomas matches both names and han matches both names, which increases the score, but overall a moderate partial match.


Poor Partial Match

Name 1Name 2nameMatchResultnameMatchScore
Rohan Mathew ThomasRohan Mathew KPoor partial match55.00

In the above example, although the two names are the same, the initial K is completely different which means that it could be a different person. The namematchscore is low.


No Match

Name 1Name 2nameMatchResultnameMatchScore
Rohan Mathew ThomasRajeevNo match14.00

Score Categorization

Match ResultMatch Score Range
Direct Match100.00
Good Partial Match85.00 - 99.00
Moderate Partial Match60.00 - 84.00
Poor Partial Match34.00 - 59.00
No Match0 - 33.00

With Bank Account Verification API, you can automate the verification of bank account details, IFSC code, and match the user's name with the bank account holder's name at the bank.