Bank Account Verification & Payments
Verify your bank account details instantly and in real-time
We provide the following services :
1. Bank Account Verification & Penny Drop
A) Account Verification covers (Account Details/Cancelled Cheque/Bank Statement)
Bank account details verification surmise great significance today on account of rising identity theft and frauds. But this, sometimes, becomes a daunting task due to the huge volumes of data available. Even manual methods are prone to the occurrence of various errors that might miss significant signs of illicit activities.
PiChain has developed an intelligent platform that assists you with the bank statement analysis and verification of bank account details before you onboard the customers. This platform provides you with a powerful API that is integrated with your company’s internal system resulting in automation of the verification. Thus, it makes the bank statement analysis and verification process highly scalable and secured.
B) Penny Drop Check
Instantly verify and authenticate the bank account of a user by depositing a small amount, usually a penny and receive validated bank details of the user.
The working of penny drop:
- Customer shares his bank details.
- Services provider drops a penny into the customer’s bank account.
- Penny drop request is routed between the banks.
- Penny drop request succeeds or fail.
- If succeeded, the service provider validates & authenticates the KYC or any other details provided against the beneficiary details returned from his bank.
This not just helps with bank authentication and verification of the details for KYC but also minimizes the possible risks of frauds and identity theft. It saves the business from huge financial losses by cutting down on the chances of onboarding customers with stolen identities.