You can verify the bank account details of your customers before adding them to your payouts account using the Bank Account Verification feature. The customer bank details are verified instantly. This minimises the failed or transfer reversals from the bank. To verify the customer bank details you need their name, phone number, bank account number and the IFSC.
To verify the customer bank details,
Go to Payouts Dashboard > Bank Account Verification > Verify.
Enter the bank account details and click Submit to verify the customer bank details. If the account details entered are valid you will see the name registered with the bank and the account number.
If the customer name contains more than 20 characters, only the first 20 characters will be displayed for verification.
Currently, Canara Bank and Syndicate Bank display the name as unregistered. In such cases, Cashfree can validate if the account exists or not.
When you have a large number of bank accounts to be verified, you can use the bulk bank account verification feature to verify all the accounts in one go.
To do a bulk bank account verification, you need to upload a .csv file that contains all the details of the bank account which has to be verified. The details required are
Name of the account holder
Phone number of the account holder
Bank account number
To upload a file for bulk bank account verification,
Go to Payouts Dashboard > Bank Account Verification > Bulk BAV > click UPLOAD FILE. Download the sample file to see the format in which you have to provide the details. The file will get rejected if the format is incorrect.
Fill in the details and save the file.
Click CHOOSE FILE to select the file with all the details, and click Upload.
Once the file has been successfully uploaded, you should be able to view it in the Bulk BAV section. You have the option to view each entry added in the file and also download the file. The maximum number of entries allowed per file is 1000. Contact your account manager if you want to add more entries to the file.
Cashfree supports a maker-checker flow for uploaded bulk bank verification files. You can have a maximum of 3 approvers for your file. If the approval flow is activated for your account, the bulk BAV file will be visible in the Approve Bulk BAV section. Users who have the required permission can view and approve/reject the file.
The status of all entries in the file will be Approval Pending till the file has been approved.
Once approved, Cashfree will process the file and the results of all the bank verifications will be available in the Bulk BAV section of the dashboard.
Approval flow is not enabled by default. Contact your account manager to activate this.
You can view the verified bank account details of the customer in the Bank Verification Report.
To view the verified details,
Go to the Payouts Dashboard > Bank Account Verification > Report.
In the Bank Verification Report screen, specify the date for which you want to see the details, and click Download, to download and view the details.