Penny Less

Penny Less Bank Account Verification

Verify bank accounts before sending any money with just a few clicks. Paykosh Penny-less bank account verification API helps you to check the legitimacy of onboarding users just by using their bank account number and IFSC code. No amount is sent to the end user’s account for verification. Ensure smooth transactions and minimal compliance.

What is a Penny Less Bank Account Verification?

Penny Less Bank Account Verification is a system which helps check the legitimacy of onboarding users just by using their bank account number and IFSC code. No amount is sent to the end user’s account for verification.

How does the Penny-less Bank Account verification work?

The user enters the bank account number and ifsc code, then that numbers is used to fetch the data from the bank & then the data is sent back to your system which can then use it to verify bank account holder.

What are the attributes that we can verify using the Penny Less Bank Account verification API?

You can check the bank account holder name of the account number and verify the onboarding user.

Benefits of Penny Less Verification:

• Bank Account Validation: The primary purpose of the penny less facility is to validate the authenticity of a bank account. It ensures that the provided account details are correct and operational.
• Account Ownership Confirmation: The facility confirms that the bank account belongs to the same person or entity who is registering for a service or conducting a transaction. This helps prevent fraud and ensures that funds are transferred to the intended recipient.
• Error Detection: By initiating a small transaction, errors in account details, such as incorrect account numbers or IFSC codes, can be detected before larger sums of money are transferred, reducing the risk of failed transactions.
• Fraud Prevention: Penny less verification acts as a deterrent to fraudulent activities. It discourages individuals or entities with malicious intent from attempting to register with false bank account information.
• Streamlined Onboarding: Businesses can use this facility to streamline the customer onboarding process. It allows for quick and accurate verification of bank account details, reducing the need for manual checks.
• Cost and Time Savings: Penny less verification is cost-effective and time-efficient compared to traditional verification methods that may require physical verification or extensive paperwork.
• Enhanced Customer Experience: Customers benefit from a smoother and more convenient verification process, leading to a positive experience when interacting with businesses.
• Risk Mitigation: For businesses dealing with recurring payments or large transactions, penny less verification helps mitigate the risk of transferring funds to incorrect or fraudulent accounts.
• Compliance: Many industries and financial regulations require businesses to verify the authenticity of bank accounts before processing payments. The penny less facility helps businesses meet these compliance requirements.
• Versatile Use Cases: The penny less facility can be utilized across various industries, including e-commerce, fintech, insurance, lending, and more, making it a versatile solution for businesses of all types and sizes.