Penny Drop Verification API
Intelligent auto-routing
for penny drop verification
500k
Daily API Hits
<3 sec
Verification Time
99.9%
Success Rate
How it works?
Why industry leaders prefer auto-routing
Zero failures
Get the accuracy of the details and status of every bank account number in a few simple steps, and eliminate accounts at every step.
Bulk verification
Streamline bulk bank account verifications with a single Excel/CSV upload, ensuring a seamless customer experience.
Instant fraud detection
Ensure complete visibility of account status to eliminate identity fraud from the onboarding process or before payout.
Automated workflow
Effortlessly integrate robust APIs into your existing workflows while maintaining data integrity and accuracy.
Trusted by industry leaders
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Robust API for every use case
Verify account ownership with a reverse penny-drop method
Ensure account credibility in real-time with user-initiated micro deposit
- Payments and MFIs
- Insurance
- Underwriting
- Marketplace
- Wallet Service Providers
Validate any UPI handle to ensure secure transactions
Instantly verify the account linked with UPI ID for accurate onboarding
- Brokerage & Investment Firms
- Marketplace
- MFIs
- Marketplace
- Payments
Verify bank details with IFSC code
IMPS support for instant and accurate bank account verification
- Lending
- Payments and MFIs
- Underwriting
- Insurance
Easy-to-use APIs to eliminate fraudulent accounts
FAQ's
What is penny drop verification?
Penny drop verification is a type of BAV used to verify the legitimacy of a beneficiary bank account can be achieved by making a nominal deposit of ₹1. This process confirms the bank details and beneficiary and effectively determines whether the associated account is active.
What penny-less verification?
Penny less verification is a type of BAV used to verify the legitimacy of a beneficiary bank account that can be achieved “without” depositing ₹1. This process confirms the bank details and beneficiary and effectively determines if the associated account is active or not.
What is auto-routing bank account verification?
It simplifies and secures the bank account verification process by auto-routing or switching transactions between penny less and penny drop if penny less transaction doesn’t execute. This process confirms the bank details and beneficiary and effectively determines if the associated account is active or not.
What information do I need to provide for penny drop verification?
Businesses must provide the beneficiary’s bank account number and IFSC code to verify the beneficiary’s account details name, status, audit trails, etc.
Why should I use penny drop verification?
Penny drop verification API is faster and more convenient than other methods of bank account verification, providing an instant check for the beneficiary’s account details, and delivering a seamless customer experience.
Can auto-routing be used by all banks?
Currently, Signzy supports 80+ banks for pennyless transactions. If the beneficiary bank account number and IFSC code don’t support penny less verification, our advanced system auto-route translation to penny drop, guaranteeing precision and reliability in every verification.
Can I do bulk upload using in penny drop verification api?
Yes, you can provide an Excel/CSV sheet for more than 10 lakh rows using batch/bulk upload and get bank account details and stature time.
How much time does it takes 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 requires online transactions, payment payouts, etc., penny drop using auto-routing is an effective method to enable bank account validation for your use case.
