Bank account verification checks selected account and ownership details before an account is used for receiving or sending funds. The process can confirm that an account exists, that details are formatted correctly or that the claimed party has authority over it, depending on the method and market.
Which verification methods are used?
- Bank or open-banking account connection
- Micro-deposit confirmation
- Account-name or confirmation-of-payee checks
- Bank statement or account letter review
- Small test payment with controlled confirmation
- Independent callback for requested detail changes
What should be verified?
Verify the account holder, bank, account and routing identifiers, currency, account type and intended payment route. For supplier changes, compare the request with the approved supplier record and use an established contact channel.
Verification vs. validation
Format validation checks whether details have a plausible structure. Verification uses evidence from a bank, account holder or trusted source. A valid-looking account number may still belong to the wrong party.
What does verification not guarantee?
Verification does not guarantee that every future transfer will settle or that the account remains suitable. Accounts can close, restrictions can change and fraud can occur after onboarding. High-risk changes should trigger renewed checks.
