Bank Account Validation

Ensure accurate transactions by validating bank account details and minimizing errors in the process.

Verify bank account details and minimize errors, delays, and discrepancies in your transactions. Account Validation is a crucial step in ensuring accurate and secure transactions through Veem. This article provides guidance on validating essential information such as bank account numbers, bank currency, account type, and additional considerations for some specific banks and countries. 

1. Bank Account Number: When adding a bank account to Veem, it is essential to double-check the accuracy of the bank account number. A single-digit error can lead to failed or misdirected payments - causing delays. Always verify the account number directly with the bank, or the account holder or refer to official bank documents.

2. Bank Currency: Note the currency associated with the bank account. Veem supports multiple currencies, so selecting the appropriate currency ensures seamless international transactions. 

3. Bank Account Type: Specify whether the bank account is a checking or savings account. This information ensures that funds are transferred to the correct account type. Consult the account holder or refer to official bank records for accurate account type details.

4. Bank Name: Enter the bank name accurately to ensure seamless payment processing. Some issues we encountered include banks like BPI or BPI Family Savings. Thus, it is crucial to accurately input the bank name for any specific bank. Different banks may have specific requirements and formats for account numbers and transactions. Verify the account details directly with the account holder, or bank or refer to official bank documentation.

5. GCash: GCash is a popular mobile wallet in the Philippines. When dealing with GCash transactions, ensure that the associated phone number is correctly added. This ensures that funds are accurately credited to the intended recipient. Double-check the phone number for accuracy and cross-reference it with official GCash records if necessary.

6. Bank/Branch/IFSC Code: In some countries, such as India, bank accounts may require additional details like a Bank/Branch/IFSC Code. Ensure that you provide the correct details when adding or verifying bank accounts to avoid any delays or rejections. 

7. Beneficiary name: The beneficiary name is the name of the person who owns the account. Ensure that the bank account holder's name matches the information provided on Veem or by the account holder. This may include confirming if it is the business name or the client's name. Refrain from using a bank account that is NOT under your name. It is crucial to verify the accuracy of the account holder's name to avoid any discrepancies or potential issues with the transaction.

8. CPF & CNPJ (Brazil): For transactions involving Brazil, it is important to provide the correct CNPJ (legal entity) or CPF (individual taxpayer) number. Veem requires these identification numbers for compliance purposes. Double-check the CPF/CNPJ numbers with the bank account details to confirm the exact one on your bank account and refer to the official documentation to ensure accuracy.

9. Bank Account Statement: Review the most recent bank account statement (issued in the past 90 days) provided by the bank. Look for consistent transaction history, account balance, and other relevant details. Cross-reference the statement with the information provided during the account setup process.

10. Routing Number (US) or Sort Code (UK): For transactions involving US or UK banks, it is essential to validate the routing number (US) or sort code (UK) associated with the bank account. As some banks have different routing numbers depending on the origin and/or nature of the payment (domestic or international transfer), make sure the routing number entered is correct. These numbers are specific to each bank and are used to identify the financial institution during electronic transfers.

11. SWIFT/BIC Code (International): If conducting international transactions, verify the SWIFT (Society for Worldwide Interbank Financial Telecommunication) or BIC (Bank Identifier Code) associated with the recipient bank. These codes uniquely identify banks worldwide and are necessary for international wire transfers.

12. Beneficiary Bank Information: It is crucial for payers to ensure that they have accurate information about the receiver's bank information, including the bank's name, address, and any additional details required for international transactions. Validating this information helps prevent errors or delays in the transfer process.

13. Fraud Prevention Measures: Stay vigilant for potential signs of fraudulent activity. Look out for suspicious account details, inconsistencies in the provided information, or requests for unusual transactions. Report any suspicious activity to Veem's customer support immediately.

It is important to consult the account holder and refer to official bank records/financial institutions for accurate details when verifying the details. 

You can also chat or call our Customer Success team here for more assistance in confirming these details. As an additional verification measure, Veem provides the option to upload bank statements. Uploading bank statements allows Veem to verify account details directly and ensures accuracy in your transactions. 

Click here to securely upload bank statements on Veem for verification purposes.