RAZORPAYX NEW LAUNCH
The quickest and most cost-effective account verifications with industry-best success rates
Penny Testing
Penniless Testing
UPI ID
IFSC Code
View API Documentation
Penny Testing
Drop a penny to verify if the bank account exists & match the beneficiary’s name to that at the bank.
Penniless Testing
Utilize the latest industry innovation to do an instant penniless bank account verification. *Limited coverage
UPI ID
Check if a UPI ID exists and get the beneficiary’s name from the bank directly.
IFSC Code
The most up-to-date list of IFSC codes for verification. Now effortlessly match the beneficiary’s name to the bank account.
Industry-best verification performance
Enjoy the most reliable & scalable performance.
99.8% success rates
Instant 3-second verifications
Coverage across leading banks
Know the accurate reason
for a failed verification
Verification might not go through if there’s an issue with the account number, IFSC, or if the account is blocked, frozen or closed.
Find out the reason for the failure instantly.
A single API integration is all
you need to get started!
The most seamless & simple-to-integrate account verification APIs ever.
Highly reliable & secure
Webhooks for real-time status
Sandbox APIs for faster go-lives
COMING SOON
Marketplace
Verify users’ & vendors’ accounts to ensure that the amount is credited accurately.
Lending
Verify bank details before loan disbursals. Avoid transfer reversals/failures due to incorrect information.
Insurance
Authenticate users & nominees during onboarding or disbursing the insurance amounts.
Brokerage/
Investment Platforms
Verify users during onboarding or before making a payout
Recruitment & Identity
Verification Companies
Validate bank account details and match employee names to minimise the risk of transfer issues & streamline onboarding.
Payments & Fintech
Companies
Ensure frictionless onboarding - verify user details in realtime
Small Businesses &
Individuals
Avoid transfer failures or reversals - provide a seamless customer experience
Wallet Service
Providers
Faster onboarding of users by instant verifications
Government
Agencies
Verify bank account details and match employee names to minimise the risk of transfer issues.
There are many ways to verify a bank account. You can ask the account holder to provide a bank statement, certificate, or a canceled cheque, which you can get verified with your own bank. This may take 1-3 business days. Penny testing is one of the easiest ways to verify a bank account. By making a microtransaction before the full payout, you can verify that the recipient’s bank account information is accurate and complete and that the bank account itself is fully functional. RazorpayX Bank Account Verification uses the latest innovations to verify bank accounts and UPI IDs via penny testing and penniless testing.
Unverified bank accounts may lead to money getting transferred to the wrong accounts leading to money losses for companies. It may also lead to failed transactions due to invalid account numbers or IFSC Codes. This is why it is important to verify the bank account before making any payment to it. With solutions like RazorpayX Bank Account Verification, seamless ways exist to verify the recipient’s bank account before you make a payment.
Penny testing or penny-drop testing is a way to verify a bank account by making a small transaction to the beneficiary account in exchange for the account status and the account holder’s name. This ensures that the recipient’s bank account details are accurate, and significantly increases the chances of a successful transaction.
With RazorpayX Bank Account Verification, you can use cutting-edge technology to verify accounts across more than 600 banks with a 99.8% success rate.
If you use traditional methods of verification like a bank statement or a certificate from the bank, it may take 1-3 business days to verify a single bank account. With solutions like RazorpayX Bank Account Verification, it takes less than 3 seconds to verify a bank account with a 99.8% success rate.
With penniless bank account verification, you can verify a bank account without doing any money transfer to the beneficiary account. You can verify bank accounts for more than 50% of banks using this capability. With this, you can verify accounts faster at lesser costs!
