Bank Account Verification API

Instant. Secure. Scalable!

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Validate bank accounts before any transaction

Verify bank account details for penny-drop API

Instantly eliminate fraud accounts with AI-enable auto-routing and know the exact reason such as if the account is frozen, inactive, or closed with a complete audit trail and name match.

  • penny-drop lending Lending
  • penny-droppayments Payments and MFIs
  • penny-drop business Business and Merchants
  • penny-drop equity Equity Investment Platforms
penny-drop API

Verify bank account details with a reverse penny-drop API

A UPI-enabled authentication mechanism to ensure bank account credibility with user-initiated micro-deposit for increased accuracy in real-time.

  • Reverse payemnts Payments and MFIs
  • Reverse insurance Insurance
  • Reverse inderwriting Underwriting
  • Reverse marketplace Marketplace
  • Reverse wallet Wallet Service Providers
Reverse penny-drop API

Validate any UPI handle to ensure secure transactions

Instantly verify the bank account linked with UPI ID and get accurate bank details for faster onboarding and payout.

  • Brokerage Brokerage & Investment Firms
  • UPI Marketplaces Marketplaces
  • UPI mfis MFIs
  • UPI Payments Payments
UPI handle

Verify bank details with the IFSC code

Instantly know whether IMPS is enabled with a weekly updated IFSC code list for accurate bulk bank account verification using a single API.

  • IFSC code Lending Lending
  • IFSC code Payments Payments and MFIs
  • IFSC code Underwriting Underwriting
  • IFSC code Insurance Insurance
IFSC code

100+ businesses trust Signzy

bank coverage

Complete bank coverage

Verify beneficiary account ownership, account holder names, IFSC codes, and UPI IDs for 98% of the Indian banks.

API failures

Ensures zero API failures

Ensures zero API failures Maintain comprehensive transaction visibility with real-time account status updates like active, not-active, frozen, or closed.

Match Score

Name Match Score

Eliminate fraudulent accounts during bank account verification based on a proprietary name match score for secure onboarding or payouts.

Trusted by industry leaders

Integration made easy with
powerful and robust API

Save integration time with our built-in and easy-to-use bank account verification API, which businesses of all sizes can use to ensure speed, accuracy, and reliability at every step. Verification ensures accuracy, enhances workflow and provides seamless performance with our robust APIs.

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A Leading Indian Merchant Payment Platform Increased Their Onboarding by 3x with Signzy's Bank Account Verification API.

3x

Increase Merchant Onboarding

93%

Fraud Reduction Instances

” Integrating Signzy’s Bank Account Verification API has been a game-changer for us. Our manual verification process, which used to take a week and was prone to errors and fraud, is now quick and accurate. This integration has significantly improved our operational efficiency and customer satisfaction. We can handle large-scale verifications swiftly, allowing us to onboard merchants faster and enhance our service delivery. Signzy’s API has streamlined our processes and ensured a secure, reliable verification system. It has become an indispensable tool for our operation.”

Head of Operations, The Client Firm

FAQ's

What is penny drop verification?

Penny drop is a type of bank account verification used to verify the legitimacy of a beneficiary bank account that can be achieved by making a nominal deposit of INR 1. This process confirms the bank details beneficiary account holder’s name and the account holder’s name and determines whether the associated account is active.

What penny-less verification?

Pennyless verification is a type of BAV used to verify the legitimacy of a beneficiary bank account that can be achieved “without” depositing INR 1. This process confirms the bank details, beneficiary and account holder name and effectively determines whether the associated account is active or deactivated.

What is auto-routing when verifying bank account details?

Auto-routing is a mechanism used to authenticate the bank account details of the beneficiary to verify bank account details by switching between penny-less and penny-drop based on customer bank support.

What is reverse penny drop verification?

Reverse penny drop verification is a validation technique wherein the user transfers a micro-deposit of 1 rupee from the provided link. The client will get details of the name, account number, IDFC code and mobile number. The added advantage of using this is that API is the UPI payment link that will expire in 10 minutes, adding a layer of authentication to fraud in fraudstances.

How does bulk upload work in verifying bank account details?

The client has to enter their email ID and upload an Excel/CSV file with the bank account details such as the bank account number, name, name match score, IFSC code, the bank account status and complete audit trail.

Why should I implement bank account verification?

Bank account verification is a faster and more convenient beneficiary identity verification process, providing an instant check for the beneficiary’s account details, reducing fraud instances and simplifying the verification process, delivering a seamless customer experience.

How much time does it take to verify bank accounts?

With Signzy, it takes less than 3 seconds to verify bank accounts either single bulk-uploaded.

Does my business need bank account verification?

If your business deals with multiple bank accounts and requires online transactions, payment payouts, etc. bank account verification is an effective method to reduce fraud and faster onboarding, therefore simplifying the beneficiary’s identity verification process.

Is it possible to check a bank account number associated with UPI ID?

Yes, using UPI ID fetch, clients can effortlessly verify a bank account number, IFSC code and name with a complete audit trail of the beneficiary, without doing multiple transactions.

What is 1 rupee credited by a penny drop?

Penny drop is a type of bank account verification used to verify the legitimacy of a beneficiary bank account that can be achieved by making a nominal deposit of INR 1. This process confirms the bank details beneficiary account holder’s name and the account holder’s name and determines whether the associated account is active.

Is penny drop mandatory under NPS?

The Pension Fund Regulatory and Development Authority (PFRDA) has made the “Penny Drop Verification” mandatory for exiting or withdrawing funds from the National Pension System (NPS), as well as amending the subscriber’s bank account details.

Where is the penny drop service commonly used?

The penny drop service is extensively utilized across various sectors, including banking, fintech, and payment gateways, to validate account details during customer onboarding, loan disbursements, vendor payments, and KYC processes. Its application ensures the accuracy of account information and helps prevent fraudulent activities. However, these sectors are switching to pennly less verification for faster customer onboarding and enhanced customer experience.

How can I handle errors or issues with the verification process?

Using Signzy BAV, you don’t have to worry about anything. We have the highest success rate in the industry and 99.9% uptime for faster execution of verified bank account details.

Can I embed this UPI verification API into my app or website?

Yes, you can easily integrate UPI VPA Fetch API into your existing workflows. Signzy offers detailed integration guides and SDKs to help you seamlessly incorporate the verification service into your existing systems.

Are any additional documentation or resources available to help me integrate this service?

Yes, we have built comprehensive API documentation for developers to easily understand the complex processes with integration code, samples and additional support teams for queries during integration.

Read API Documentation

Is Penny Drop or Bank Verification a regulatory requirement?

Yes, bank verification processes like Penny Drop are regulatory requirements to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations imposed by RBI. These measures help prevent fraud and ensure the accuracy of financial transactions.

Can I know the accurate reason for a failed verification?

To determine the accurate reason for a failed verification, Signzy provides account details for beneficiary banks and retrieves the status of accounts as:

Invalid Account Number: The provided account number does not exist or is incorrect.

Inactive Account: The account is closed or inactive.

Frozen: The account is on hold due to a fraud instance or regulatory compliance issues.

Closed: The account does not exist with the bank anymore