Surepass Reverse Penny Drop API helps in bank account verification in real time. It confirms the account is active and reduces the chances of fraudulent transactions and errors. The instant verification and bulk process feature enhances the efficiency of the operation.

Use Cases:

Investment Platforms: Investment platforms can use the Reverse Penny Drop API to verify user bank accounts before fund transfers and withdrawals. Thorough authentication prevents unauthorized transactions and financial fraud.

E-commerce and Refund Management: An online e-commerce platform can integrate this API to confirm the user’s bank details before processing refunds. It helps in one-time reimbursements and minimizes the chances of errors in transactions.

Payroll & Vendor Payments: Businesses can use this API to verify the employee and vendor bank accounts before processing payment. It ensures timely salary disbursement without errors. This reduces the risk of failed transactions and incorrect fund transfers.

Digital Lending Platforms: Lenders can integrate this API for verification of the borrower account. This will confirm that the money will be sent to the right borrower, reducing the transaction error.