IBAN verification is a convenient service that allows businesses to confirm the account holder's name and IBAN number of their customers. Here's a step-by-step explanation of how this process works:
- Integration:
- Step 1: Integrate the IBAN verification service into your website or another online platform. This can be done using the provided API from CM.com. You can find the documentation and guidelines for integration at IBAN Verification Documentation.
- User Action:
- Step 2: The end user (your customer) initiates a verification process by transferring a small amount, typically €0.01, via iDEAL, which is a popular online payment method in the Netherlands.
- Immediate Verification:
- Step 3: As soon as the transfer is completed, the IBAN verification API provides you with the account holder's name and the IBAN number of the user. This immediate response allows you to quickly verify the identity of the account holder without any delays.
Benefits for Pay Customers
For customers who are already using Pay services, there is an additional convenience:
- Self-Service Requests: If you are a Pay customer, you can create these verification requests yourself without using the above API. This simplifies the process even further and allows you to handle verification requests internally.
Advantages
- No Need for Onboarding: One of the significant advantages of this IBAN verification service is that you do not need to go through the onboarding process to become a Pay customer. This reduces the time and effort required to start using the service.
By integrating IBAN verification, you can enhance the security and reliability of your financial transactions, ensuring that the account details provided by your customers are accurate and verified.
