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!