Account Verification
Account verification API, also known as confirmation of payee, enables you to confirm validity of the bank account details of the payee
Overview
The Account verification (Confirmation of Payee) API also known as the confirmation of payee API enables you to ensure the money reaches the intended payee or beneficiary by verifying if the payee details including bank account number are valid.
IMPORTANT
Account verifications are only supported when the payout method for a beneficiary is of type
Local
orProxy
.
Payee confirmation
Item | Description |
---|---|
Payee | The recipient of your customer's money or whose account you want to confirm. It can be either a business or an individual. |
Payee details | These can be the payee’s name, beneficiary account, routing codes, and many others. To get a comprehensive list of the required fields, use the Beneficiary Validation Schema V2 API. |
User journey
When adding a beneficiary, use the following steps.
- Call the Beneficiary Validation Schema V2 API to get the required fields.
- Use the fields shown as required in the response data from step #1 and call the Account verification (Confirmation of Payee) endpoint.
- Based on the response status from step #2, use one of the below 3 instructions for further processing
- If the response from step #2 returns
verified
ornot_verified
, you can proceed with adding the beneficiary using Add Beneficiary V2 API. - If the response from step #2 returns
confirmation_in_progress
, wait for the webhook. You will receive Beneficiary Verification Status webhook to relay the final status. - If the response from step #2 returns
not_supported
, it means Nium is not offering this capability for this country.
- If the response from step #2 returns
IMPORTANT
We have updated the way to provide
routingInfo
data in Account verification (Confirmation of Payee) API.routingCodeType1
androutingCodeValue1
fields are now mapped toroutingInfo
array of objects withtype
andvalue
fields respectively.
Statuses
Status | Description |
---|---|
confirmation_in_progress | The status indicated that Nium is currently verifying the beneficiary account number. Nium relays the result of the verification using Beneficiary Verification Status webhook event. |
not_supported | Nium does not support verifying the account details of a beneficiary bank account in this destination country. |
verified | Nium has successfully verified that the bank account details of the beneficiary are correct. Note: Transactions to this beneficiary can still be returned due to several reasons, such as compliance reject, bank reject, account closed, etc. |
not_verified | Nium has confirmed that the bank account details of the beneficiary are incorrect. |
Supported corridors for account verification
In order to verify accounts, Nium leverages a combination of looking up information provided by clearing systems for a given corridor and penny drop using its own global network.
IMPORTANT
In countries where Nium verifies payee accounts using penny drop, the payee will see a small value deposit with the sender name as Nium.
In certain corridors, Nium is able to provide the full name of the payee associated with the bank account. The Account verification (Confirmation of Payee) API is supported in the following corridors and payout methods.
Country – Currency | Payout Method | Payee Name associated with the bank account |
---|---|---|
MY – MYR | LOCAL PROXY | Provided by Nium Provided by Nium |
PK – PKR | LOCAL | Provided by Nium |
ID - IDR | LOCAL | Provided by Nium |
SG - SGD | LOCAL PROXY | Not provided by Nium Provided by Nium |
IN - INR | LOCAL PROXY | Not provided by Nium Provided by Nium |
AU - AUD | LOCAL PROXY | Not provided by Nium Provided by Nium |
TH - THB | LOCAL | Not provided by Nium |
VN - VND | LOCAL | Not provided by Nium |
EU - EUR | LOCAL | Not provided by Nium |
GB - GB | LOCAL | Not provided by Nium |
PH - PHP | LOCAL | Not provided by Nium |
HK - HKD | LOCAL PROXY | Not provided by Nium Provided by Nium |
Updated about 1 month ago