In this piece, we’ll explain how utilizing a bank account validator API to make sure your money goes to your suppliers’ current accounts and not the hands of con artists may speed up your sales and collections department. Continue reading to learn more!
It is typically a tough and time-consuming procedure to verify a bank account; which frequently results in a delay in your sales or takes a significant amount of time. It is a crucial responsibility, though, since if funds are routed to the wrong accounts or con artists; it’s probable that you won’t see them again and that it might really harm your project.
The company’s collection and finance staff often handle this responsibility; they must verify the source and destination of every incoming and outgoing fund, but as we noted; it is typically a time-consuming operation.
Even more so if they need to verify the bank information of a new supplier since they will need to contact the relevant bank office; assuming there is one in your city or region, and wait through a protracted administrative procedure.
Thanks to new technologies, you may now complete these activities quickly and without having to go through any formal procedures. Due to their ability to do activities like database validation and synthesis in a matter of seconds; APIs are transforming the industry. Most significantly, because they operate online, there is no need for your project to purchase pricey hardware.
How Can A Detect Fake Bank Accounts Using An API?
A checksum calculation is made by a bank account validator API to see if the bank account submitted is legitimate. Their software makes an effort to determine the bank owner of this account, as well as the nation, address; bank identity code (BIC, which comes from the English Business Identifier Code); and other financial details, assuming the IBAN given is authentic.
Currently, they can test local account validation methods in 77 nations; providing an additional layer of defense against incorrect IBAN data. The banking data repository now includes comprehensive data on the branch offices in more than 100 nations.
Since it offers improved security and efficiency in their businesses’ purchasing and sales processes; hundreds of enterprises have started implementing APIs to check their payments. Having said that, we would like to urge you to check out this just-launched API that offers fantastic services at incredibly low prices!
Make Sure Your Business Has The Most Recent Information!
You may programmatically validate any bank account information (IBAN, BIC/SWIFT, and BBAN) with the IBAN Validator API. If the number is correct, it will obtain the IBAN and give validation to you.
You may also have access to further information about the bank, which will tell you more about where the account is. It can produce IBAN and validate any number from any Euro nation.
BBAN to IBAN conversion is made simple with the help of the IBAN Validator API. You will automatically create these numbers for them if you need to provide someone outside your country with your bank information since they will require IBAN. More significantly, you will be informed in advance whether any taxes apply to your transactions.
Related Post: Validate Bank Account Number By Using This API
Also published on Medium.