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Penny Drop API

The Penny Drop API is a technology designed to verify bank account ownership by confirming small deposits made into the specified account. This API enables businesses to authenticate bank account details provided by users, ensuring accuracy and security in financial transactions.

How Does Penny Drop API Work?

  • 1.
    Users initiate the verification process by providing their bank account details through the Penny Drop API.
  • 2.
    The API makes small deposits (e.g., a few cents or pennies) into the specified bank account.
  • 3.
    Users verify the deposited amounts through their bank statements or a secure verification process.
  • 4.
    The API confirms the accuracy of the bank account details based on the user's verification response.
  • 5.
    The API presents the verification result, indicating successful confirmation of bank account ownership.
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Streamline Workflows

Streamline Workflows

Eliminate manual reconciliation of data across multiple documents.

Prevent fraudsters.

Prevent fraudsters.

Secure your services by allowing only genuine customers access, thus safeguarding against fraudulent activities.

Trustworthy Verification

Trustworthy Verification

Verify all customer-provided information to onboard legitimate and accurate customers.

Instant Verification

Instant Verification

Optimize your time and effort by integrating the appropriate APIs. Data processing takes just a second, eliminating the need for manual review.

Use Cases Of Penny Drop API

Payment Gateway Integration

Subscription Services

Financial Transactions

Direct Debit Setup

Account Verification

Frequently Asked Questions

Penny Drop API is a technology that verifies bank account ownership by confirming small deposits into the specified account.

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