What is Bank Verification?
To learn more about what bank verification is and how it’s used in the industry, see our blog post If you’re interested in the bank verification services we provide, follow the linkSupported countries
Countries in which the Bank Verification can be used:
Countries in which the Bank Verification can be used:
| Austria (AT) Belgium (BE)Bulgaria (BG) Croatia (HR)Cyprus (CY)Denmark (DK) Estonia (EE)Finland (FI) France (FR) | Italy (IT) Latvia (LV) Lithuania (LT) Luxembourg (LU) Malta (MT) Germany (DE) Greece (GR) Hungary (HU) Iceland (IS) Ireland (IE) | Netherlands (NL) Norway (NO) Poland (PL) Portugal (PT) Romania (RO) Slovakia (SK)Slovenia (SI)Spain (ES)Sweden (SE) |
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Creating a Bank Verification Request
To create a Bank Verification request from the partner side, please follow this flow:Review Submitted Verification
Open all Bank Verifications Filter by Country and Risk level You can filter by a specific time period or search across all data Allows changing the identifier
Understanding Bank Verification Data
This section explains the structure and meaning of the data retrieved during a Bank Verification. The data is presented in the Bank Verification Window and includes user bank data, associated accounts, transaction history, and risk scoring details.User Bank Data
This section summarizes the general information retrieved about the user (private or corporate) who completed the Bank Verification.- Full name The full name of the person who completed the verification, extracted from the bank account data.
- Check date The date when the bank verification was performed.
- Bank name The name of the bank selected by the user during verification.
- Risk level A calculated risk score based on:
- Date of first transaction
- Number of inbound and outbound transactions
- Number of unique inbound and outbound recipients
Accounts List
If a user has multiple accounts with the same bank login, all are listed in the results. Each account includes the following details:- IBAN The International Bank Account Number is used for sending and receiving payments globally.
- Current booked balance The balance currently available in the account, excluding pending transactions.
- Current available balance The total available funds include pending transactions that are authorized but not yet cleared.
Transaction List
Displays the list of all transactions performed by the user in the last 12 months.- Transaction date The actual date the transaction was made (purchase, withdrawal, deposit, etc.).
- Booking date The date the transaction was officially processed and recorded by the bank.
- Details Additional information related to the transaction for traceability and reconciliation purposes.
- Creditor The entity receiving the funds.
- Receiver The individual or company to whom the payment was sent.
- Amount The monetary value transferred during the transaction.
Calculating Risk Level
After a bank account is verified, a risk level is calculated based on the user’s activity over the last 12 months. This approach ensures only recent, relevant data is considered.Risk Calculation Factors:
- Date of first transaction When the first transaction occurred within the 12-month window.
- Number of inbound & outbound transactions Total transactions sent and received.
- Number of unique inbound & outbound recipients Total number of different individuals or entities involved in transactions with the user.
The risk score is derived by averaging the above values. Older, inactive accounts are excluded to reduce inconsistencies and provide more accurate results.