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Bank Account Verification: The Easiest Process with Indicpay

As a payment gateway service provider, Indicpay understands the importance of bank account verification. It is a crucial step in ensuring the security of your transactions and protecting you from fraud. However, the traditional bank verification process can be time-consuming and complicated.

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Bank Verification

What is Bank Verification

Bank account verification is the process of confirming the identity of a bank account holder and the validity of their account information. This is typically done by requiring the account holder to provide certain information, such as their name, address, date of birth, and Social Security number.
The bank may also verify the account holder's identity by checking their government-issued ID or by having them sign a document.

Finally, bank account verification is required by law for certain types of financial transactions. For example, businesses that accept credit card payments must verify the identity of their customers before they can process a transaction.

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Bank Verification

Instant Bank Account Verification Process

The account holder (individual or company) provides their bank account information to the requesting entity.

Providing Bank Account Information:

Our payment gateway integrates with the Income Tax Department's PAN verification system, allowing us to validate PAN details in real-time.

Micro Deposits or Pre-authorization

In many cases, the verifying entity initiates a small test deposit (micro deposit) into the bank account.

Verification Process

The account holder then informs the verifying entity of the correct values.

Use of Verified Account

The account for the intended purpose, such as processing payments or setting up direct deposits.

Pan Api

Who Can Use Bank Verification By Indic Payments

01

Lending Platforms

Lending platforms typically operate on an online platform, enabling borrowers and lenders to review and choose the loans.

02

Securities and equity investment platforms

Securities and equity investment platforms are digital platforms that enable individuals or investors to buy, sell.

03

Insurance Providers

Insurance companies are entities that offer insurance policies to individuals, businesses, or organizations.

04

Business and Individual Tax filing platforms

It is a digital platforms that assist businesses and individuals in preparing, filing, and managing their tax returns.

05

Identification Verification companies

It is a companies that specialize in providing services and solutions for verifying the identity of individuals or entities.

06

Payments and fintech companies

fintech companies offering innovative solutions and services to facilitate digital payments, financial transactions, .

07

Marketplaces

Marketplaces are platforms or online environments where buyers and sellers can engage in buying and selling goods or services.

08

Wallet Service providers

offer digital wallet solutions, which are platforms or applications that allow users to store and manage their financial assets.
Have any Question

Frequently Asked Questions?

  • Why should I choose Indic Payments?

    Indic Payments is India’s leading payments and API banking company. It helps 1,00,000+ businesses accept and send money and is used for multiple use cases like vendor payouts, wage payouts, bulk refunds, etc.

  • Choose the product you are interested in. You can switch to Test Environment and try out the product features and integrations using test API credentials. Once ready, you can switch to Production Environment.

  • Once your documents are submitted for review, account gets activated with 24 working hours. Please refer to our quick activation guide. You can also write to us at Indic.com

  • Indic Payment Gateway offers 120+ payment modes including Pay Later, Paytm, and Cardless EMI options etc. Indic Payment Gateway is the only payment gateway that supports instant refunds versus the industry standard of refunds in 5-7 working days - this ensures Cashfree Payments merchants are able to delight their customers while running business operations smoothly.

  • When you create a Payouts account, Indic Payments creates a virtual wallet for you. You can add funds from your bank accounts to the wallet and use the funds to do payouts. You can use the Payouts dashboard to do single or bulk payouts via excel upload or integrate Payouts APIs with your product or ERP to automate bulk payouts.

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