Bank Account Verification FAQs

I want to use Cashfree Payments marketplace settlement for paying vendors. Do I need to take verification feature separately?

Yes, if you are using Cashfree Payments marketplace settlement and want to use verification API as well, you need to opt for the feature separately. Our payment experts will help you with integration and you will be able to use the Cashfree Payments marketplace settlement and Verification Suite together.

How can I use Bank Account Verification API for KYC?

KYC or “Know Your Customer” is a process to be undertaken by businesses especially financial institutions to obtain information about the identity and address of the customers. One of the key documents is bank account details as the same is regarded as valid proof of the identity of a person/entity.While onboarding vendors, delivery partners, or even employees, an organisation needs to do a bank account verification. Using Cashfree Payments API, this process can be automated by integrating with the company’s existing internal system so that the bank verification process happens smoothly, without exposing the data to any third party. You can also verify PAN, Aadhaar and GSTIN of users or businesses with our Verification Suite.

For how many banks, can I do the verification?

The verification can be done for all the a/c of recognized Indian banks including all public banks, private banks, and 126+ co-operative banks*. Note: Verification may not be possible for some cooperative bank a/cs.

How to verify a/c number on Cashfree Payments for multiple individuals?

On Cashfree Payments, you can do verification for any number of Indian bank accounts via two modes:

Manual entry on Cashfree Payments Bank Account Verification dashboard: Here you will be required to enter only two details: Indian bank account number and IFSC. If you want to do bulk verification, You can access the bulk upload feature on the dashboard where you can upload a CSV/XSLX file with required details and get a quick response.
Using Bank Account Verification API: This is an integrated automated way to do single/bulk verification. The API can be integrated with the existing company internal system or ERP and then the request can be pushed directly using APIs.

Why is Bank Account Verification important?

Our Plug and Play integrated a/c number Verification API helps you confirm bank account validity instantly. By accessing updated data, the risk of identity fraud and incorrect/incomplete data is reduced. The result such as the account holder’s name shown to you will be exactly as it appears in bank records.

I am planning to opt for Cashfree Payouts for bulk disbursals. Do I need to go for verification API separately?

Yes, Payouts is different. Users can integrate Bank Account Verification to do the validation & will be charged separately.

What are the other use cases of this(BAV) feature?

The capability to verify a/c can be used in multiple business scenarios such as:

A crucial part of the verification process before providing loans of all kinds (education, health, business, car etc)
Employee background check: A recruitment agency can use the feature for a candidate’s background check
Vendor onboarding: A marketplace splitting commission with different vendors can use the feature to verify the a/c details at the time of onboarding the vendor, this also helps in correct payments later on.

The ability to integrate the API with existing ERP helps in reducing operational effort and saves cost by 90%.

Is there any limit on the total number of Bank Account Verification requests per day?

No, there is no such limit. You can use this feature to verify any number of bank accounts in a day 24*7.

How much time does verification take?

On Cashfree Payments, you can verify a/c numbers instantly. As you submit the request, our API gives an instant response.

Is there any limit on the total number of UPI requests per day?

No, there is no such limit. You can use the feature to verify any number of UPI IDs in a day 24*7.

I am planning to opt for Cashfree Payouts for bulk disbursals on UPI ID. Do I need to go for Verification API separately?

If you are a Payouts merchant, the Verification Suite products such as Bank Account Verification (including UPI), Aadhaar Verification, GSTIN Verification, and PAN Verification will be automatically enabled for you. However, you will be charged separately for each validation.

How to verify UPI ID on Cashfree Payments for multiple individuals?

On Cashfree Payments, you can do verification for any number of UPI IDs of individuals or entities via two modes:

Manual entry on Cashfree Payments UPI ID verification dashboard. Here you will be required to enter only one detail: UPI ID (eg abc@okaxis)
Using API An integrated automated way to do UPI Verification. The API can be integrated with the company’s existing internal system or ERP and the request can be pushed directly using APIs.

What is UPI ID Verification?

UPI ID (also called Virtual Payment Address or VPA) is a unique ID you need to create to send and accept money via UPI. Once a UPI address is created and mapped against your existing bank account, you can simply share your UPI address (eg. abc@okaxis) with the payer.As a business, verifying a UPI ID comes in handy. The different use cases can be

Background verification at the time of onboarding a new user/vendor
Before releasing payment to a UPI ID

With Cashfree Payments instantly verify if the UPI ID is valid, For a Valid UPI ID cross-verify the name of the account holder

How much time does the Verification take?

On Cashfree Payments, you can verify any number of UPI IDs instantly. As you submit the request, our API gives an instant response.

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Bank Account Verification FAQs