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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

The process of verifying a bank account holder's identification and the accuracy of their account information is known as bank account verification. Usually, to accomplish this, the account holder is asked for certain details such their name, address, birthdate, and Social Security number.

The account holder's identification may also be confirmed by the bank by document signing or government-issued ID inspection.
Last but not least, some financial transactions are mandated by law to require bank account verification. For instance, before processing a transaction, companies that take credit card payments need to confirm the identity of their clients.

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Instant Bank Account Verification

Bank Verification

Instant Bank Account Verification Process

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

Instant Bank Account Verification

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.

direct deposits

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 Indicpay Payments

01

Lending Platforms

Typically, lending platforms run on an internet platform where lenders and borrowers can examine and select the loans.

02

Securities and equity investment platforms

Digital platforms that facilitate the buying and selling of securities and equities by individuals or investors.

03

Insurance Providers

Companies that provide insurance policies to people, companies, or organizations are known as insurance firms.

04

Business and Individual Tax filing platforms

It's a digital platform that helps people and companies prepare, file, and track their tax returns.

05

Identification Verification companies

These are businesses that focus on offering solutions and services for confirming the identity of people or things.

06

Payments and fintech companies

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

07

Marketplaces

Marketplaces are online spaces or platforms where vendors and consumers can transact for products 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 Indicpay payments?

Indicpay 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.
How to get started on Indicpay payments?

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.
How long would it take to activate my account?

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 indicpay.com
How is Indicpay payment Gateway different from other payment gateways in India?

Indicpay payment Gateway offers 120+ payment modes including Pay Later, Paytm, and Cardless EMI options etc. Indicpay 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.
What is Payouts?

When you create a Payouts account, Indicpay 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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