Bharat Taxi
Mobility
Verify bank account ownership instantly with Veriqos' Penny Drop Validation API, performing a secure ₹1 transaction to validate accounts in real time.
Fast, secure, and compliant verification built for real-world scale.
Veriqos' Penny Drop Validation API uses the account number, IFSC code, and account holder name for validation in real time.
Designed for performance at scale, the API can support millions of bank account verification requests daily.
Veriqos uses encrypted communication and secure data-handling protocols to protect sensitive banking information.
Integrate bank account verification easily into your web or mobile applications with minimal setup effort.
Our Penny Drop API allows businesses to verify bank account details instantly using a secure ₹1 test transaction, ensuring payouts, refunds, settlements, and salary disbursements reach the correct account.
Skip manual account checks and paperwork — get verified results pulled directly from official records in seconds, not days.
Helps prevent failed transactions, reduces manual verification efforts, and minimises the risk of incorrect or fake bank details.
Fast response times, automated validation, and bank-grade security enable seamless onboarding and reliable financial operations.
See penny drop verification alongside your other identity and business checks in a single, consistent view — no juggling multiple tools.
New to this term? See our glossary definition of Penny Drop Verification.
Trusted across industries for fast, compliant verification.
Instantly confirm bank account ownership during customer onboarding, KYC checks, and loan disbursements.
Verify user bank details before wallet withdrawals, merchant settlements, or user payouts.
Rely on automated bank account verification for premium refunds, policy payouts, and claim settlements.
Verify bank account ownership before initiating payouts to sellers, service providers, or delivery partners.
Financial workflows demand accuracy, reliability, and transparency. Veriqos' Penny Drop API is built to support critical operations such as onboarding, payouts, and beneficiary validation.
Receive instant, accurate responses for every verification, from ID checks to credit insights, so onboarding is fast and reliable.
Easily handle millions of verifications with our robust, cloud-based infrastructure that grows with your business.
Protect user data with end-to-end encryption, strict privacy policies, and full compliance with regulatory standards.
Integrate quickly with REST APIs and SDKs, making deployment fast and hassle-free.
Stay fully aligned with RBI, SEBI, IRDAI, and global KYC/AML regulations without extra effort.
AI-powered insights that go beyond raw data, helping you make smarter, confident decisions instantly.
We offer APIs and tools for identity verification, compliance, fraud prevention, financial assessment, and onboarding automation.
Teams in mobility, IT services, hiring, education and technology use Veriqos Technologies to verify people and businesses before they onboard them.
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Need help with something? Want a demo? Get in touch with our friendly team and we'll get in touch within 2 hours.
Need help with something? Want a demo? Get in touch with our friendly team and we'll get in touch within 2 hours.
View All APIsTell us a bit about your use case and we'll get your keys and onboarding call scheduled.
Building it? Read the developer integration guide for bank account verification APIs.
Call the penny drop verification API just before the first payout to a new account, and again when a customer changes their bank details. The penny drop verification API credits a small amount and returns the account holder name the bank reports, so compare that name with your customer record before releasing larger amounts. Keep the transaction reference with the result, since it is your evidence that the penny drop verification API confirmed the account at that time.
If you are evaluating the Penny Drop Verification API, you may also find our Penny-less Bank Account Verification API and Bank Account Verification API useful, or you can talk to our team about your use case. For the official rules behind it, see the Reserve Bank of India website.
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