Account Verification

The Account Verification request, also known as Confirmation of Payee, helps you confirm the details of payees and beneficiaries before you proceed with adding the

Verifying the details of payees 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 payee's details, like bank account number and address, are 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 Payee Details

When adding a beneficiary, use the following steps to verify the payee's 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 your payee's details.
3. Take the necessary steps based on the response you recieve:
   1. verified or not_verified: Add the beneficiary using the Add Beneficiary V2 request.
   2. confirmation_in_progress: The payee's details are being verified by our compliance team. Wait for Beneficiary Verification Status webhook to confirm if you can proceed with adding the payee.
   3. not_supported: Nium does not support the payee's country.

Statuses

Supported Corridors

To verify payee details, Nium leverages a combination of looking up information provided by clearing systems for a given corridor and penny drop account validation using our own global network.

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IMPORTANT

In countries where Nium verifies payee accounts using penny drop account validation, the payee will see a small deposit, less than a $1, with Nium listed as the sender.

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

The following table breaks down what corridors the Account Verification request supports and when the payee name is returned.