Beneficiary Name Verification is a new feature that allows businesses to ensure that the refunds, reimbursements, claims, etc., are sent to the intended beneficiary account only. It verifies that the bank account is valid before making the transfer and also ensures that the bank account is registered under the name of the intended beneficiary.
1. Create Cashgram with the option Enable Bank Account Verification enabled. Share the link with the intended beneficiary over WhatsApp/SMS/email. 2. Beneficiary inputs their bank account number and IFSC. 3. Cashfree does a penny transfer to the bank account. On getting a response from the bank, Cashfree ensures that the account is valid and validates if the name entered by you matches with the beneficiary name as registered with the bank. i) If the name matches accurately, the amount gets credited to the beneficiary account instantly. ii) If there is a mismatch, the transaction will have to be manually approved from the Verify Cashgrams section as shown below:
Contact your Cashfree Account Manager to enable this feature. This feature is only available on Cashgram payouts to bank accounts currently.