- What is Account Validation, and why is it important?
- What type of information do I have access to for validating bank accounts?
To understand how account validation works, it's important to first talk about what a validation API is.
By connecting with both banking and non-banking institutions, our APIs become the pathway through which companies access verified information about individuals or businesses— their customers, users, or providers with whom they need to interact at various moments.
Our Validation APIs enable our clients to acquire data that confirms relevant information about an individual or business, making their processes more secure and efficient.
What is Account Validation, and why is it important?
Thanks to Validation APIs, it's possible to perform different types of validations, one of which is the validation of bank accounts. This means being able to confirm that the data presented by a customer, user, or company for an account is correct and real. This is made possible because the information queried comes directly from the banks, which are the original issuers of such information.
In various processes, companies face operational and economic challenges due to having incorrect information about the bank accounts they interact with. Being able to validate them allows for a reduction, possibly complete, in the percentage of incorrect transfers or payments, improving and making the processes related to transfers and/or payments more effective.
For example, when a company conducts mass transfers, it often experiences some rejections because the account or account holder's data doesn't match the actual information. This implies losses of time and money because, in the case of Latin America, incorrect transfers are still accounted for as successful. In such cases, account validation allows the company to confirm that the destination account is correct and active, identifying errors or inconsistencies before making any transaction effective.
What type of information do I have access to for validating bank accounts?
By connecting with financial institutions, our account validation API allows access to information related to the account, depending on the institution and the country being queried.
For example, depending on the bank, it might be possible to validate:
- Account numbers
- Operational validity of the bank account
- Account holder's data such as name, email, and account type
- Currency type of the account
At Prometeo, we constantly analyze the context of companies to identify how our APIs can provide effective solutions to their current challenges.
Currently, we have more than 300 APIs connecting with over 200 financial institutions in 10 Latin American countries, allowing more and more companies to find an effective solution to their needs through our APIs.
If you want to learn more about this service, download our guide or schedule a meeting with our team, and let's discuss everything our APIs can do for your company.