A digital lending app needed to confirm that the bank account a borrower provided for loan disbursal actually belonged to them, before releasing funds. Doing this manually meant delays between loan approval and disbursal, frustrating borrowers who expected fast turnaround.
The Challenge
- Bank account ownership had to be confirmed before every disbursal
- Manual verification added delay between approval and payout
- Incorrect or mismatched account details risked failed transfers
The Solution
Veriqos' penny-drop verification API confirms bank account ownership in real time by depositing a small amount and matching the returned account holder name against the borrower's KYC details.
The Results
Disbursal now happens within minutes of approval for verified accounts, and failed-transfer incidents caused by mismatched account details dropped sharply.
