What’s A PAN Number?
A Permanent Account Number or also commonly called a PAN card is a kind of financial identity that is issued by the Income Tax Department under the Indian government so as to prevent people or organizations to prevent tax-related fraud and this is where PAN verification API steps in.
It can be described as a 10 digit alphanumeric number that can be used for identification purposes and also to track a person or an organization’s financial activities. This is where our PAN Verification API comes to support our users.
With our API’s one can easily validate the personal information of any person and also see whether details related to him or her. We provide excellent services and a reliable API for any and all purposes of Pan verification.
We at Surepass.io will help any user detect frauds for fake cardholders and our platform is easy to use. Are easy to use interface along with efficient and reliable API are what users can depend upon for Pan ID verification.
What Are The Verification Processes For A PAN ID?
There are 3 types of most frequently used processes that are implemented in order to check the validity of a PAN number. The most efficient is the verification through an API system and is most common out of the 3.
1. API-Based Verification:
It is quite common and involves intermediate software. We will be discussing this further in the topics below.
2. NSDL Pan Verification In The Format Of A File:
Another great way is through the NSDL or National Securities Depository Limited’s e-governance verification method. Through the PAN card API method, any user has to login into the account on the portal which contains up to 1000s of IDs in a single go.
Thereafter, he puts in his or her details in the form of a file and it will take as much as up to 24 hours in order to find the validity.
If the user ID is genuine, the result will show the same and in the case of any discrepancies, a rejection error is shown.
3. Verification Based On Screen:
The user must first log in and can have a limit of five PANs on the screen that are supplied to him Information of these PANs must be provided and the same is given as the results.
What is a PAN Verification API?
It is not common for businesses or other services to ask you for the PAN number in order to implement a transaction.
When you walk to a grocery shop, no one asks you your PAN number in order to give you the things you require. There are only certain organizations that require your pan verification and they are mostly related to the finance sector.
The grocery shop owner holds no authority to ask an individual his or her PAN ID. This is because his authority is limited to the selling and purchasing of various household items.
Pan Verification API is a software intermediate that can easily help any organization business owner who has the authority along with the need to check the PAN card of any individual or institution.
The user may simply put in the PAN number of the individual institution whose PAN is to be checked.
If the PAN is valid then he can expect a validation statement along with the name of the individual and the date of modifications that he last did to the PAN ID.
This is what PAN Verification API is and how it works. It is simple to use and there is a whole lot of coding behind it.
You can check out the working and the services of the Surepass PAN Verification API here.
But, The Question Is, Where Is PAN ID Verification API Used?
As for efficient usage, the PAN Verification API has a reputation. One of those is the Surepass API.
This intermediate software can be implemented easily in places where there is a need to verify an individual’s PAN so as to ensure that he or she is not fraudulent or is not a fake cardholder. Here are a few cases wherein these APIs actually help :
- Projects that are related to Income Tax
- Projects that revolve around Reserve Bank Of India
- The Stock Exchange
- Investment in Mutual Funds also require this service
- Investment in FDs, RDs, opening of a bank account, taking loan from a bank, credit card services, all require PAN verification
- Good and Service Tax Procedures
The First And Foremost Use Of PAN API Comes In Banks:
Bank refers to your PAN before giving you any kind of service. If you were to open any kind of account in the bank, PAN verification is done in the procedure of the application.
- If any individual is seeking a loan from the bank and aims to succeed, he or she needs to have a valid PAN ID.
- Through the PAN ID, the bank will gather the validity of the card and if there is any sign of fraud, then the API will declare an error.
- The PAN will show all the financial backlogs that the person has along with the details.
- With the help of PAN, the bank can also check the CIBIL score of the individual.
- If the PAN card is valid, immediately the CIBIL score and the bank details are checked and with this, the bank can decide if the person can be given the needed loan or not.
- Also, if there is an application for opening an FD or RD, the PAN is thoroughly checked before the person is allowed to open an FD or RD account.
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Thus, it can be seen that the banks use PAN Verification API to a much higher degree but, it is not the only sector that does so. There are many other places where this technology has found its usage.
We Can Say :
Our team at Surepass.io, considers PAN Verification API as important and has created an efficient API so as to help all the businesses and enterprises that need this technology.
The PAN Verification should be efficient in taking the user input, visiting the PAN data center, and search as fast as possible. This is how the whole procedure works.
While other methods present for PAN Verification can be erroneous or cause delays, it is in the best interest of the users that they find the most efficient and relevant technology for their proposition.
To summarize, we can obviously say that PAN Verification APIs ease the workload by a decent amount, and hence, they are quite important. So, any enterprise should have one implemented in their procedure right away.
Helping Enterprises with Digital User OnBoarding Journeys & Preventing Fraud
More posts by Abhishek Kumar