Bank account Verification API - hyperverge API

Overview

• The Bank Account Verification API provided by HyperVerge is primarily used in the FinTech industry for KYC and AML purposes.
• The API allows the user to pay ₹1 and fetch the bank details of the user.
• It also offers features such as verifying bank account details, matching account holder name, extracting details from cancelled cheques, and fetching IFSC code info without user input.

Major Customers Using It

• Major Banks
• Insurance companies
• NBFC
• Mutual Fund houses

Features & Integrations

• Verify bank account details and match account holder name.
• Reverse Penny Drop feature for user verification.
• Extract details from cancelled cheques.
• Fetch IFSC code info without user input.
• Integrations with various UPI platforms.

Use Cases

• Used in KYC and AML applications in the FinTech industry.
• Utilized for transaction verification in e-commerce platforms.

Documentation Link

• HyperVerge Bank Account Verification API Documentation

Developer Support

• Dedicated developer support via HyperVerge's official website.
• Community forums and resources available for developers.
• Detailed documentation provided for a robust understanding of the API.

Advantages

• High accuracy and speed in verification.
• Secure and compliant with industry standards.
• Easy to integrate with existing platforms.
• Scalable solution for both small and large businesses.

Company Information

• HyperVerge, founded in 2014, is a leading provider of AI-based solutions.
• The company has been recognized for its innovative solutions in the FinTech industry.

Year Company Founded

• HyperVerge was founded in 2014.

Social Profile Links

Linkedin: "HyperVerge LinkedIn"

FAQ

• What is HyperVerge's Bank Account Verification API?
  HyperVerge's API verifies and validates bank account details instantly using UPI-based transactions, matching account holder names, extracting details from cancelled cheques, and fetching IFSC code information without manual input. It is tailored for KYC and AML processes in FinTech.

• Who are the primary customers of this API?
  Major customers include leading banks, insurance companies, NBFCs, mutual fund houses, and large FinTech players utilizing it for secure, compliant, and fast account verification.

• How does the verification process work?
  The API uses multiple methods like Reverse Penny Drop (where the user initiates a transaction of ₹1 for verification), Penny Drop, Pennyless verification, and cheque OCR. It also supports IFSC code validation without requiring user input.

• What use cases does this API support?
  Customer identification and verification during KYC/AML, transaction verification in e-commerce and financial platforms, fraud prevention by validating beneficiary bank account details, and bulk verification for high-volume onboarding.

• Is this API secure and compliant?
  Yes, HyperVerge follows industry standards and regulatory requirements ensuring high security, data encryption, and compliance with Indian KYC and AML regulations.

• How can I integrate the API into my platform?
  The API provides developer-friendly SDKs, detailed documentation, and integration support for mobile and web applications enabling fast and scalable integration.

• What advantages does the API offer?
  High accuracy and fast verification speeds, scalable for small to large businesses, automated fallback mechanisms to reduce drop-offs, comprehensive verification methods in a single API, and analytics dashboard for monitoring and managing verifications.

• Where can I find the official documentation?
  Official documentation is available at https://hyperverge.co/in/bank-account-verification/