Bank Account Verification

Bank account verification confirms that a bank account exists, is open, and is controlled by the claimed customer or beneficiary before moving funds. Methods include instant account verification via secure APIs, microdeposits, penny drop confirmation, and documentary evidence such as a voided check or bank letter. Programs match legal names with normalization to handle initials, ordering, and punctuation, and they may check account status, tenure, and recent activity where permissible.For payouts and debits, verification reduces returns, misdirected funds, refund abuse, and mule risk. Compliance requires consent capture, encryption of routing and account numbers, minimal retention, and auditable logs of requests and results. Clear exception playbooks resolve mismatches with attestations and supporting documents. Integrated with sanctions screening, KYB or KYC, and transaction controls, account verification improves reliability and customer trust across onboarding and payment flows.