Easily confirm the validity of user bank accounts and enhance transaction security with our Reverse Penny Drop API, which verifies new users by transferring a nominal amount of 1 Rupee to their bank account. After authentication, the payment is refunded to the account holder. This streamlined verification process ensures seamless transactions and reduces compliance burdens.
INTRODUCTION
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.
Features
Plug and Play
The Reverse Penny Drop API is straightforward and integration is effortless, We provide a simple and user-friendly interface.
Prevent Fraud
The process will save any institution that has been and can be a victim of fake bank accounts holders and save your money to going in wrong bank account.
Accurate and Reliable
Our system checks the information from the bank associated with bank account number and ifsc code. Therefore, the results are always correct and legit.
SUPPORT
Reverse Penny Drop API is a system which helps check the legitimacy of onboarding users just by transferring 1 Rs to their bank account
The user enters the bank account number and ifsc code, then that numbers is used to fetch the data from the bank & then our API sends 1 Rs to the end users account to verify bank account holder.
You can check the bank account holder name of the account number and verify the onboarding user.
A user can verify the bank account holder’s name by sending 1 Rs to the user’s account or giving their Bank Account Number and IFSC code of the bank.
The online Bank Account Verification is done by using an instant Reverse Penny Drop API, Surepass is the best online Penny Drop API provider in the market which allows you to do Bank Account Verification in less than a second.
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Case Study
Our client faced the challenge of onboarding and verifying the drivers for their ride hailing services onto their platform.
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