Banks are the financial pillars of the country. But with huge responsibility and fast-paced growth, they also need to ensure the safety and security of financial transactions.
That’s why the government has laid some mandatory rules and regulations for banks to verify customers before indulging with them in any financial activity.
Why Banks need PAN Verification APIs?
The PAN is a unique identification number issued by the Income Tax Department and is linked to an individual’s financial transactions. All banks are required by the Reserve Bank Of India (RBI) to perform a thorough verification process of their customers which is called Know Your Customer (KYC) Verification.
The KYC norms are laid to monitor transactions of suspicious nature and avoid fraudulent activities. For the purpose of KYC NBFCs need to perform mandatory PAN Verification of their customers.
SurePass’s PAN Verification API helps banks perform online PAN Verification of their customers and ensure their credibility.
The Income Tax department also requires banks to verify the PAN card of their customers before giving out loans.
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Why SurePass’s PAN Verification API?
Our Clients choose Surepass after searching for the best online PAN Verification provider for their needs. This is why:
- Surepass provides a PAN solution that can fully integrate into the Our client app to provide a seamless user experience.
- Speedy verification (ID and DL check within 30 seconds).
- Support is available 24 hours a day, seven days a week, with quick response times and high quality.
- A globally scalable solution with extensive global coverage.
Surepass PAN Verification API is an AI-based system that consists of millions of data sets to ensure high accuracy and reliability in detecting fraud and forgery.
The verification process is simple, all you need to provide is a PAN number or upload the PAN card and our API does the rest. SurePass’s PAN verification API has been well-tested and trusted by many of our service users.
SurePass provides an international solution with broad coverage. Because we have customers from all over the world, we can provide the exact solutions for all your API needs, making your business very scalable.
Banks need to verify the pan card of their customers before opening their accounts or giving them loans. For that purpose, they require online PAN Verification API.
PAN Verification APIs make the verification process easy and error-free.
This helps to prevent money laundering and other illegal activities and provides a level of protection for both the NBFCs and their customers.