Bank Account Verification

bank account verification is a process used by businesses and financial institutions to ensure that a bank account is valid, active, and belongs to the person claiming ownership of the account this process is crucial for minimizing fraud, ensuring compliance with financial regulations, and establishing trust in financial transactions first, the user uploads a bank statement or a check, from which the account number and ifsc are extracted using ocr (optical character recognition) then, the variable penny drop api is called the user enters the amount deposited into their account on the front end, and the verify amount api is called to confirm the transaction in this process, the only change from the previous method is transitioning from the standard penny drop api to the variable penny drop api configuration go to the 'pages' section, select the country and enter a page name select data and documents select the bank account verification widget from the list of various apis then edit the template, choosing either fetch or manual data entry here, there are various fields like address, pin code, bank name, micr etc, which can be edited and/or removed more elements can also be added according to requirements toggles enable variable penny drop if this is enabled then the variable amount will be credited to the user’s account otherwise the previous fixed values of 1 00 or 1 01 will be credited account verification mandatory if this toggle is enabled then the account verification process becomes a mandatory step in the onboarding journey scenarios for variable penny drop when the variable penny drop toggle is on & account verification mandatory toggle is on both new apis will be hit variable penny amount will be dropped and the user will verify the amount by entering on the front end when the variable penny drop toggle is off & account verification mandatory toggle is on both old indiagate apis will be hit the old penny drop api will be hit and the user will verify the amount by entering on the front end when the variable penny drop toggle is on & account verification mandatory toggle is off only variable penny drop api will be hit variable penny amount will be dropped but the user will not verify by entering the amount on front end when the variable penny drop toggle is off & account verification mandatory toggle is off old indiagate penny drop api will be hit and the user will not verify the amount by entering on the front end getting help please feel free to contact us if you have any questions, require clarification, or have ideas for how to make the documents or any of our services better you can reach out to us at help\@signzy com