Account Verification

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 .

📌

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
• Creating a Beneficiary

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.
   • Alternatively, you can fetch the details of the beneficiary using the Beneficiary Details 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.

Statuses

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.