Account Verification

Use the Account Verification request to confirm the details of account holders.

The Account Verification request helps you confirm the details of bank accounts owners and beneficiaries use.

Verifying the bank account details of account holders before adding them to your Nium account helps you confirm that funds will reach the intended payee or beneficiary and mitigate any future issues.

Specifically, the Account Verification request verifies that the account holder's details, like their bank account number, is valid. With the Account Verification request, you won't need a separate integration dedicated to verifying account details.

To enable Account Verification, please contact your Nium account manager or Nium Support .

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IMPORTANT

Account verifications are only supported when the payout method for a beneficiary is type Local or Proxy.

Verify Account Details

When adding a beneficiary or account holder, there are two ways to verify the details of their account:

Account Verification

Using the Account Verification endpoint before creating a beneficary ensures you only create beneficiaries using the correct details:

  1. Call the Beneficiary Validation Schema V2 endpoint to confirm which fields are required for your region.
  2. Call the Account Verification endpoint and include the fields returned in the Beneficiary Validation Schema V2 response with the account holder's details.
  3. Take the necessary steps based on the response you receive:
    • verified or not_verified: Add the beneficiary using the Add Beneficiary V2 request and verified account details.
      • Once the beneficary is created you can proceed with creating Payouts and managing funds as you normally would.
    • not_supported: Nium does not support the account holder's country.

Creating a Beneficiary

You can also verify the details of a beneficiary or account holder while creating a beneficiary:

  1. Add the beneficiary using the Add Beneficiary V2 request.
  2. Review the status and name field in the accountVerification object.
    • verified or not_verified: You can proceed with creating Payouts and managing funds as you normally would.
    • not_supported: Nium does not support the account holder's country.
ItemDescription
Account holderThe recipient of your customer's money or whose account you want to confirm. Either a business or an individual.
Account holder detailsThis can include the account holder's name, beneficiary account, routing codes, and many others. See the Beneficiary Validation Schema V2 request for a comprehensive list of required fields.

Statuses

StatusDescription
not_supportedNium does not support verifying the account details of a beneficiary bank account in this destination country.
not_verifiedThe beneficiary's bank account details are incorrect. Verify the details of the beneficiary and submit the request again.
verifiedNium has successfully verified the bank account details. You can proceed with creating a beneficiary for the account holder.
Note: Transactions to this beneficiary can still be returned due to several reasons, such as rejection due to compliance reasons, rejection by the bank account, closed account, etc.

Supported Corridors

To verify account holder's details, Nium checks the account information against data from clearing systems.

Additionally, in some corridors, Nium is able to provide the full name of the account holder associated with the bank account.

The following table breaks down what corridors the Account Verification request supports and when the account holder's name is returned.

Country – CurrencyPayout MethodAccount Holder Name
AU - AUDPROXYProvided by Nium
GB - GBPLOCALNot provided by Nium
HK - HKDPROXYProvided by Nium
ID - IDRLOCALProvided by Nium
IN - INRPROXYProvided by Nium
MY – MYRLOCAL
PROXY
Provided by Nium
Provided by Nium
PK – PKRLOCALProvided by Nium
SG - SGDPROXYProvided by Nium
TH - THBLOCALNot provided by Nium
VN - VNDLOCALNot provided by Nium
KR - KRWLOCALProvided by Nium