Challenge Deposit
Verify bank account ownership through micro-deposit verification with a unique confirmation code.
Bank Account Ownership Verification via Micro-Deposit
Challenge Deposit sends a small monetary transfer with a unique verification code embedded in the transaction reference to the customer's bank account. The customer then confirms the code through your application, proving they have access to view transactions on the account. This method provides reliable account ownership verification across virtually all banks without requiring API integration.
- Verify account ownership with a micro-deposit containing a unique code
- Works with any bank account that can receive transfers, no API integration required
- Strong proof of account control through transaction reference verification
- Configurable deposit amounts and verification code formats
- Automated reconciliation and verification status tracking
Allt sem þú þarft
Öflugir eiginleikar hannaðir fyrir fyrirtækjaframistöðu og reglufylgni
Micro-Deposit Initiation
Automatically send a small deposit with a unique verification code to any bank account. Configurable deposit amounts ensure regulatory compliance across jurisdictions.
Code Verification
Provide a simple verification interface where customers enter the code found in their bank transaction. Automatic validation with configurable retry limits and expiry periods.
Multi-Currency Support
Send challenge deposits in the local currency of the target bank account. Support for all major currencies with automatic exchange rate handling.
Automated Reconciliation
Automatically reconcile returned deposits and track verification status across all pending challenges. Monitor success rates and identify stuck verifications.
IBAN Validation
Validate IBAN format and bank details before initiating the deposit to avoid failed transfers. Pre-screening reduces costs from rejected payment attempts.
Expiry Management
Configure verification code expiry periods and automatically invalidate unverified challenges. Clean up pending deposits and manage the lifecycle of each verification.
Notkunartilvik
Sjáðu hvernig fyrirtæki nota Challenge Deposit í framleiðslu
Bank Account Verification
Verify that a customer owns and controls a specific bank account before enabling payouts, refunds, or direct debit mandates.
Marketplace Seller Verification
Verify bank account ownership for marketplace sellers and gig economy workers before enabling earnings payouts.
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